https://www.miningweekly.com
Contractor|Financial|Gold|Mining|Equipment|Maintenance|Operations
Contractor|Financial|Gold|Mining|Equipment|Maintenance|Operations
contractor|financial|gold|mining|equipment|maintenance|operations

Cash-strapped Great Panther files for creditor protection, idles Brazil mine

7th September 2022

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

Precious metals miner Great Panther Mining on Tuesday filed for creditor protection, as the company warned that it would likely default on several material debtor agreements owing to liquidity constraints.

The TSX-listed miner also announced that it would place its Tucano gold and silver mine, in Brazil, on care and maintenance.

Great Panther stated that its liquidity constraints stemmed from operational challenges, inflationary pressures that significantly impact on costs, unforeseen but necessary capital expenditures, and contractor mobilisation delays owing of equipment availability issues.

Following consultation with its legal and financial advisers, the board of directors determined that it was in the best interests of the company and its stakeholders to file a notice of intent (NOI) and obtain creditor protection.

Management would seek the conversion of the Bankruptcy and Insolvency Act proceedings into proceedings under the Companies' Creditors Arrangement Act (CCAA) should management determine that CCAA proceedings would be more appropriate.

The effect of the NOI is an immediate stay of proceedings for 30 days, which may be extended by subsequent court order. Filing the NOI will allow the company to pursue available options.

Alvarez & Marsal Canada has been appointed as proposal trustee pursuant to monitor the company's operations and restructuring.

Great Panther's stock fell by 55% to $0.81 apiece on the NYSE American.

Edited by Creamer Media Reporter

Comments

Showroom

VEGA Controls SA (Pty) Ltd
VEGA Controls SA (Pty) Ltd

For over 60 years, VEGA has provided industry-leading products for the measurement of level, density, weight and pressure. As the inventor of the...

VISIT SHOWROOM 
Weir Minerals Africa and Middle East
Weir Minerals Africa and Middle East

Weir Minerals Europe, Middle East and Africa is a global supplier of excellent minerals solutions, including pumps, valves, hydrocyclones,...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

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







sq:0.137 0.175s - 110pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: