Brief: Pacific Andes International updates on legal proceedings

Pacific Andes Resources Development

04/02/2016 14:55

Feb 4 (Reuters) - Pacific Andes International Holdings Ltd  1174.HK : 
 
 * Paih business has been affected but the business operations of the paih  business continue 
 * Pacific andes international HK court ordered on 5 January 2016 that the  appointment of provisional liquidators over CFGL and CFIL be discontinued  with immediate effect 
 * Says on 1 February 2016, the Hong Kong petitions were dismissed by the hk  court. 
 * CFGL business has been impacted by the appointment of provisional liquidators, but has continued to operate 
 * PARD has been alleged by the trustee of the pard bonds to have breached of certain obligations 
 * PARD business has been significantly adversely affected and there has been a  significant drop in trading volume of pard business 
 * Management of the group has actively taken measures to manage its liabilities  and cash flow position" 
 * Petitioner will immediately take all necessary action to remove and terminate 
   any appeal proceedings in the hk court 
 * On 28 January 2016, the Cayman Islands petition was dismissed and the provisional liquidators discharged by the cayman court 
 * Management of the group has been in discussions with potential acquirers of the Peruvian business" 
 * Company, as guarantor, had received a call to draw the guarantee of hk$441  million under facility agreement in respect of pickenpack 
 * Had also received two demand letters from boa demanding for payment under two 
   facilities in the total sum of US$42.7 million 
 * Pacific andes international -expects trading in the shares of the company  will resume following the company's publication of the 2015 annual results 
 * Pacific andes international -has been informed pard received letter from the  trustee of the s$200 million 8.50% bonds due 2017 issued by pard 
 
* Source text for Eikon  ID:nHKSb3mS4r  
 
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