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Northland Resources SA Requests for Reorganizations to Be Terminated


Thursday, 8 Aug 2013 06:01am EDT 

Northland Resources SA announced that on August 8, 2013 the Company together with its subsidiaries, Northland Resources AB (publ), Northland Sweden AB and Northland Logistics AB, requested for the company reorganization to be terminated. The request is made due to the fact that the reorganization plan and the composition for the companies, which was approved by the court on the July 12, 2013, has entered into force and become legally binding. Thus, the purpose of the company reorganizations has been fulfilled. A decision from the District court to terminate the company reorganizations is expected in two weeks and will then apply with immediate effect. The Norwegian subsidiary, Northland Logistics AS, is not going through a formal reorganization, but has previously agreed with all of its creditors on a payment plan identical to that of the Swedish subsidiaries. Since the composition of the Swedish subsidiaries has now entered into force, this payment plan is legally binding for the creditors. 

Company Quote

0.76
-0.04 -5.00%
10:25am EST