Nevada Copper initiates sales process amid Chapter 11 bankruptcy

18th June 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Nevada Copper, the financially troubled owner of the Pumpkin Hollow copper mine, has initiated a sales process as part of its ongoing Chapter 11 bankruptcy restructuring.

The company has appointed Moelis & Company to oversee the sale.

The Bankruptcy Court of Nevada approved an interim debtor-in-possession (DIP) financing on Monday, allowing Nevada Copper to proceed with an initial borrowing of $20-million from a previously announced $60-million DIP financing commitment. This funding will support the company’s care-and-maintenance activities and other needs during the restructuring process.

Nevada Copper plans to seek final court approval for the remaining  $40-million of the DIP financing to ensure sufficient liquidity throughout the restructuring period. In addition, the court has authorised the continuation of wages and benefit programmes for the company’s employees.

As part of the restructuring, Nevada Copper has announced leadership changes. Gregory Martin has been appointed interim president and CEO and Matthew Anderson has been named interim CFO. Both executives previously held senior financial positions within the company.

The company is also facing a delisting review by the TSX and its shares are currently halted from trading.

Edited by Creamer Media Reporter

Comments

The content you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION