TORONTO (miningweekly.com) – North American gold producer Veris Gold has obtained another extension of the Supreme Court of British Columbia-ordered stay of proceeding against the company and its subsidiaries under the Canadian Companies' Creditors Arrangement Act (CCAA) up to March 3.
Veris, which operates the Jerritt Canyon operation, in Elko County, Nevada, had been operating under the protection of the CCAA and the US Bankruptcy Code since June 9, last year, after defaulting on senior secured gold forward facilities it entered into in 2011 and 2012 with Deutsche Bank London Branch.
Veris explained that the latest order was valid from Monday.
The company had not received any qualified bids before the sales process deadline of January 30, as defined in the sales and solicitations procedures included in the court's sales process order.
However, Veris would still consider any subsequent bids that might advance towards a potential offer despite the sales and solicitations procedures having effectively come to an end.