PA Resources bondholders approve changes tied to restructuring plan

By Caroline Salls

Pittsburgh, Sept. 29 – Holders of PA Resources AB’s Swedish krona-denominated and Norwegian krone-denominated bonds approved changes to the bonds’ terms and conditions that form the basis of the company’s proposed reorganization plan, according to a news release.

The holders of the Swedish krona bonds approved the changes through a written procedure and the holders of the Norwegian krone bonds at a bondholders’ meeting.

According to the release, the Stockholm District Court will hold creditors meetings for composition proceedings on Oct. 2.

In addition, the court approved the company’s request for a further extension of its corporate reorganization proceedings to Dec. 28.

PA Resources is an oil and gas company based in Stockholm.

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