PA Resources AB (STO: PAR) (OSE: PAR) has published the company’s reorganization plan prepared by the company’s administrator, lawyer Lars Söderqvist. The reorganization plan includes, among other things, the composition plan, an estate inventory per June 30, the administrator’s statement of support for the plan, a certification of at least 40% support from the creditors for the plan, as well as the administrator’s report.
Included in the plan are also the terms and conditions of the reorganization notes that were entered into in June. The reorganization notes have priority over all other claims on the company.
On Sept. 9, the company also planned to hand in a request for composition proceedings to the Stockholm District Court. The court is expected to respond to the request shortly and set a date for the composition proceedings to be held within 3-5 weeks from Sept. 9.
In order to reduce costs, the company has also agreed with its creditors that, upon the completion of the corporate reorganization, and when appropriate and practicable, it will apply for delisting of the PA Resources share from the Nasdaq OMX Stockholm exchange.