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Cobar administrators optimistic

Cobar administrators optimistic

Photo by Bloomberg

2nd April 2014

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) - The administrators of embattled silver miner Cobar Consolidated were optimistic about the chances for selling the ASX-listed company’s assets.

The administrators, who were appointed in March this year, have undertaken a range of preparatory steps and started a sales campaign for the assets, as well as a recapitalisation campaign.

“We are encouraged by the strong level of response to our requests for expressions of interest. It bodes well for a competitive process,” administrator Stephen Longley said on Wednesday.

The expressions of interest period closed on Wednesday and indicative bid or recapitalisation proposals were expected by April 16.

Cobar went into administration after the miner failed to raise a required A$8-million to fund working capital and to meet its debt repayment requirements.

Edited by Creamer Media Reporter

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