Brief: Pacific Andes Resources Development updates on progress of proceedings under chapter 11

Pacific Andes Resources Development

06/12/2016 02:42

Dec 6 (Reuters) - Pacific Andes Resources Development Ltd 
 PACF.SI  
    * Updates to holders of S$200mln 8.50% bonds due 2017 on 
progress of proceedings under chapter 11 currently before NY 
Court 
    * NY Court is jointly administering co's chapter 11 filing 
in conjunction with other 16 debtor entities within group 
    * NY Court approved an order providing steps be taken before 
1 dec to satisfy claims of creditors who had initiated 
restructuring proceedings in Peru 
    * "It is company's view that these developments are positive 
for prospects for long term recovery by bondholders" 
 
Source text for Eikon:  ID:nSNZ4KXGsH  
Further company coverage:  PACF.SI  
 
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