Sept 30 (Reuters) - Pacific Andes Resources Development Limited
* (Update On Restructuring Process)
* On 29 september 2016 it has filed a voluntary petition for relief under chapter 11 of united states bankruptcy code.
* “this has left company with no realistic option but to instruct its lawyers to withdraw from singapore proceedings”
* “PARD has obtained chapter 11 protection against precipitous actions of bank creditors”
* Lenders have rendered it impossible to achieve an effective restructuring in Singapore
* Will continue to engage and work closely with all creditors, including bondholders Source text (bit.ly/2dd5Hvc) Further company coverage: