Gunvor Group petitions for PA Resources bankruptcy

Gunvor Group has filed an application for bankruptcy of PA Resources AB. The company has not yet been officially notified by Stockholm District Court. Due to the ongoing corporate reorganization, the application is not expected to have any immediate impact on the company.

As Gunvor Group has informed the company that it may be willing to withdraw the application, the company is currently seeking clarification from Gunvor Group on its intentions and any conditions it may seek to impose. The company is also in discussions with the bondholders regarding their willingness to fund the company in the short term.

The PA Resources board of directors will meet April 15 to further assess the situation, and the meeting with creditors at Stockholm District Court will take place later that same day. At this meeting, the administrator of the reconstruction process will present his views on the next steps in the reconstruction process.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...