July 4, 2017 / 2:59 PM / 2 years ago

BRIEF-Paladin Energy says EDF informed co it is not prepared to enter into a standstill

July 4 (Reuters) - Paladin Energy Ltd:

* Approached EDF to grant a standstill in respect of enforcement by EDF of approximately US$277 million due to it on 10 July 2017

* EDF now informed co that it is not prepared to enter into standstill agreement and requires payment of amount when due on 10 July, 2017

* “Paladin is considering implications of EDF’s position for future of company”

* Commenced negotiations with EDF before independent expert ruling that additional security offered proposed by co was insufficient

* Further to receipt of demand from EDF, boards of relevant companies met and resolved to appoint administrators

* Refers to announcements regarding standstill of paladin’s payment obligation to Electricite De France S.A Source text for Eikon: Further company coverage:

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