04:29:16 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Mercator Minerals Ltd
Symbol ML
Shares Issued 315,675,277
Close 2014-08-25 C$ 0.03
Market Cap C$ 9,470,258
Recent Sedar Documents

FP/wire say Mercator Minerals seeks creditor protection

2014-08-27 06:32 ET - In the News

The Financial Post reports in its Wednesday edition that base metals miner Mercator Minerals on Tuesday filed for protection from its creditors in Canada and the United States after failing to settle with several lenders. A Reuters dispatch to the Post reports that the company, which owns the Mineral Park copper mine in Arizona as well as two base metals projects in Mexico, warned last week it could be forced to file for creditor protection. Mercator on Tuesday said it had filed a notice of intention to make a proposal under the Canadian Bankruptcy and Insolvency Act, the first stage of a restructuring process that could avert bankruptcy and possibly provide some compensation for creditors. Four subsidiaries have also filed Chapter 11 bankruptcy petitions in the U.S. An agreement to sell to Intergeo MMC, owned by Russian tycoon Mikhail Prokhorov, fell apart in July after the Russian Federal Anti-Monopoly Services said it needed more time to review the deal. Reuters reports that Mercator is still actively considering a sale and other alternatives. Mercator said it received proposals its board felt would be in the best interests of all stakeholders, but a syndicate of lenders "did not constructively engage."

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