Energy and natural resources company Ascent Resources updated the market on recent developments related to its joint venture partner Geoenergo on Monday.
The AIM-traded firm said that, after petitions from Ascent Slovenia, the relevant court declined to approve Geoenergo’s application for self-declared insolvency.
In response to Geoenergo’s initial application for insolvency, Ascent said it quickly filed petitions with the court, asserting that the move represented an improper use of the insolvency system by a financially solvent company.
Ascent said it argued that Geoenergo had not engaged in meaningful discussions with them, its primary creditor, to explore potential alternatives that could prevent insolvency, such as reaching a se…
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