Nevada Copper files for bankruptcy, CEO steps down
US copper miner Nevada Copper on Monday announced that it had filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code.
The company, which owns the Pumpkin Hollow mine, will not continue operations during the restructuring period.
The voluntary petition was submitted to the Bankruptcy Court in Nevada following unsuccessful efforts to secure funding or engage in a change of control transaction.
In light of the bankruptcy protection, Nevada Copper made significant leadership changes. It has appointed Tom Albanese, lead independent director, as its new chairperson.
Concurrently, Randy Buffington resigned as president and CEO.
Guillaume de Dardel, a nominee of Mercuria Holdings, resigned from the board on June 7. Evgenij Iorich and Stephen Gill, both nominees of Pala Investments, stepped down as directors on June 5.
As part of the Chapter 11 process, Nevada Copper has requested customary measures to support its employees and critical vendors. The company is seeking the court’s permission to continue paying employees salaries and wages, and to continue other benefit programmes regardless of whether amounts were owing prior to the commencement of the Chapter 11 case.
To provide liquidity during the restructuring period, the company secured a commitment for $60-million debtor-in-possession financing. Nevada Copper has requested that $20-million of the amount be made available on an interim basis, pending court approval.
Nevada Copper has retained Allen Overy Shearman Sterling US, Torys and McDonald Carano as legal counsel in connection with these matters.
Moelis & Company has been retained as financial adviser and AlixPartners as restructuring adviser.
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