PA Resources distributes summons to bondholders meetings on 29 September 2015 to respond to proposed composition plan
PA Resources AB (“the company”) is since the 26 March 2015 under corporate reorganisation (see press release dated 27 March 2015). On the 9 September 2015 the company published its Reorganisation Plan including a proposed Composition Plan as prepared by the company and the administrator, lawyer Lars Söderqvist. The same day the company also submitted a request for composition proceedings to the Stockholm District Court which was approved and the date for the proceedings was set to 2 October 2015.
Under the proposed Composition Plan the holders of the SEK- and NOK-denominated bonds (“SEK-bond” and “NOK-bond”) are included in the group of creditors which have agreed to accept repayment over a longer time from the company’s Available Cash Flow as defined in the Reorganisation Plan. For the proposed Composition Plan to be accepted by the district court it requires the approval by creditors representing 75% of the claims of the company.
In order for the bondholders to respond to the proposed composition plan the company now summons the holders of the NOK-bond to a bondholders’ meeting and the holders of the SEK-bond to a written procedure (the bondholders’ meeting and the written procedure are jointly referred to as the “Bondholders’ Meetings”). At the Bondholders’ meetings the bondholders will be invited to accept or reject the proposed composition plan. The result of the vote will be binding for all holders of the respective bonds.
The bondholders’ meeting for the NOK-bond will be held in Oslo on the 29 September 2015 at 13.00 CEST, in Nordic Trustees premises on Haakon VII’s Gate, 0161 Oslo, Norway. The written procedure for the SEK-bond will be completed on the 29 September at 17.00 CEST. Summons to the Bondholders’ Meetings will be available on the company’s website, www.paresources.se, and will be distributed to the bondholders in the coming days.
Stockholm 17 September, 2015
PA Resources AB (publ)
For additional information, please contact:
Petter Hjertstedt, Investor Relations
Phone: +46 8 545 211 50
PA Resources AB (publ) is an international oil and gas group which conducts exploration, development and production of oil and gas assets. The Group operates in Tunisia, Republic of Congo (Brazzaville), United Kingdom, Denmark, Netherlands and Germany. PA Resources has oil production in Tunisia. The parent company is located in Stockholm, Sweden. PA Resources’ net sales amounted to SEK 603 million in 2014. The share is listed on the NASDAQ OMX in Stockholm, Sweden. For additional information, please visit www.paresources.se.
The above information has been made public in accordance with the Securities Market Act and/or the Financial Instruments Trading Act. The information was published at 08:30 CEST 17 September 2015.