Pacific Andes files for Chapter 11 protection in US Bankruptcy Court

Pacific Andes Resources Development (Pard) announced today that it has taken steps to try to continue its “transparent, comprehensive and fully effective” restructuring process, by filing for Chapter 11 protection in the US Bankruptcy Court.

The Chapter 11 filing is in response to “the precipitous actions of a bank creditor, Maybank, which has filed a petition, with the support of Rabobank, in the Supreme Court of Bermuda to wind up Pard, in addition to – without notice – an application for the appointment of provisional liquidators over Pard“, it said in a  statement.

Those actions by a single bank creditor would have destroyed value for the majority of creditors and stakeholders. … “Pard’s filings will allow the orderly and transparent restructuring of the group under the supervision of the United States court,” the statement added.

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