PA Resources secures funding for 2015

PA Resources (STO: PAR)(OSE: PAR) has reached an agreement with its major creditors to provide the company with funding until the end of 2015 in the form of a US$7.5 million short-term credit facility. An initial US$2.5 million tranche has been made available to the company to draw on while the documentation is being finalized. The credit will have priority over the company’s existing debt.

The new credit will allow PA Resources to continue funding its operations during the strategic review process initiated by the board of directors. The aim of the process is to explore the company’s different options with regard to maximizing the value for all of the company’s various stakeholders. The options being explored are long-term funding for all or part of the business, a corporate transaction, or the divestment of individual assets or business units.

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

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...

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...