Brief: Pacific Andes Resources Development updates on restructuring process

Pacific Andes Resources Development

30/09/2016 10:35

Sept 30 (Reuters) - Pacific Andes Resources Development 
Limited  PACF.SI  
    * (Update On Restructuring Process)  
    * On 29 september 2016 it has filed a voluntary petition for 
relief under chapter 11 of united states bankruptcy code. 
    * "this has left company with no realistic option but to 
instruct its lawyers to withdraw from singapore proceedings" 
    * "PARD has obtained chapter 11 protection against 
precipitous actions of bank creditors" 
    * Lenders have rendered it impossible to achieve an 
effective restructuring in Singapore 
    * Will continue to engage and work closely with all 
creditors, including bondholders 
 
Source text (http://bit.ly/2dd5Hvc) 
Further company coverage:  PACF.SI  
 
 ((Bangalore.newsroom@thomsonreuters.com;))