As mentioned in the year-end report published 26 February 2015, PA Resources AB
(“PA Resources”, the “Company”) has for the past few months been in discussions
with its creditors regarding a capital restructuring to establish a long term
financing plan for the Company. During the course of this process the Company
has requested and has been granted deferral of interest payments by its
principal creditors on two occasions.
On 24 March 2015 the Company summoned a new bondholders’ meeting and initiated a
new written procedure, respectively, for the Company’s NOK and SEK denominated
bonds to be held on 31 March 2015 (the bondholders’ meeting and the written
procedure are jointly referred to as the “Bondholders’ Meetings”). The
Bondholders' Meetings were summoned to request a further deferral of interest
and principal due in respect of the bonds until 30 April 2015.
As a result of a perceived lack of progress in the negotiations with its
creditors in the past few days, the company’s board of directors is no longer
confident in the ability to reach an agreement with all parties in the near
term. In light of this, the Company’s board of directors has decided to seek
protection from creditors by filing an application to the Stockholm District
Court for a company reorganisation. The purpose of the application for the
company reorganisation is to provide flexibility to enable the Company to
achieve an effective restructuring solution for its stakeholders. The board of
directors continues to believe that a long term financing plan can be agreed.
The company reorganisation process will only include PA Resources AB and not its
subsidiaries. The Company will continue to trade during the reorganisation and
the reorganisation is not expected to impact the operations in its
subsidiaries.
In the filing to the district court the lawyer Lars Söderqvist of the law firm
Hökerberg & Söderqvist Advokatbyrå KB has been proposed as the court appointed
administrator.
Stockholm 27 March, 2015
PA Resources AB (publ)
For additional information, please contact:
Tomas Hedström, Chief Financial Officer
Phone: +46 8 545 211 50
E-mail: ir@paresources.se
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), Equatorial Guinea, United
Kingdom, Denmark, Netherlands and Germany. PA Resources is producing oil in West
Africa and North Africa. 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 CET 27 March 2015.
