Ascent Resources, the onshore Hispanic American and European focussed energy and natural resources company has announced, following the petitions lodged by Ascent Slovenia, that its joint venture partner's application to enter self-declared insolvency has not been approved by the relevant court.
Further to the Company's announcement of 8 January 2024, relating to the JV partners application to enter into self-declared insolvency, the Company quickly filed a number of petitions to the Court against the JV partner's application to enter into self-declared insolvency. The primary points made by the company are that this application is an attempted abuse of the insolvency system by a solvent company attempting to dispose of Ascent's valid claim against them and that Geoenergo has not engaged with Ascent, its main creditor, to understand if an accommodation (such as a settlement or Ascent taking ownership of Geoenergo or its assets) can be reached which would avoid insolvency. The court has therefore accepted the Company's creditor position and further not approved the partner's self-declared insolvency application. A hearing will be held on 23 February to deliberate the matter further. Accordingly, the JV partner remains a solvent entity and an administrator has not been appointed. The Company will reach out again to the JV partners to offer constructive talks.
Further announcements will be made as necessary.
Source: Ascent Resources
