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Northland Resources SA Announces Creditors' Approval for Reorganization Plan


Friday, 12 Jul 2013 08:37am EDT 

Northland Resources SA announced that on July 12, 2013 the Lulea District Court approved the reorganization plan for the Company's Swedish subsidiaries. As previously stated, the Lulea District Court held composition proceedings in connection with the reorganization of companies Northland Resources AB (publ), Northland Sweden AB and Northland Logistics AB. During the proceedings the companies' creditors approved the terms of the proposed composition. The District Court held in accordance with this and approved the reorganization plan and composition. Norwegian subsidiary Northland Logistics AS is not going through formal reorganization, but has previously agreed with all of its creditors on a payment plan identical to that of the other subsidiaries. The decision by the Lulea District Court becomes legally binding in three weeks. The next step will then be the court's decision on terminating the reorganisation.