PA Resources will pay for shareholder advisers in refinancing talks

By Kali Hays

New York, Jan. 29 – PA Resources AB said that it will cover the costs of financial and legal advisers appointed to support its bondholders during the company’s refinancing discussions, including those of the Gunvor Group, which holds about 30% of the company’s total shares, according to a Thursday news release.

As previously reported, on Jan. 20 PA Resources said that it was preparing a balance sheet for liquidation purposes after an impairment test of its oil and gas exploration assets resulted in a loss with a net equity effect of SEK 100 million.

According to a prior news release, the loss arising from the impairment charge will most likely result in the PA Resources’ shareholders’ equity being less than one-half of the registered share capital.

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

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