https://www.miningweekly.com
Copper|Financial|Operations
Copper|Financial|Operations
copper|financial|operations

Nevada Copper files for bankruptcy, CEO steps down

Tom Albanese has been appointed chairperson

Tom Albanese has been appointed chairperson

10th June 2024

By: Mariaan Webb

Creamer Media Senior Deputy Editor Online

     

Font size: - +

US copper miner Nevada Copper on Monday announced that it had filed for bankruptcy protection under Chapter 11 of the US Bankruptcy Code.

The company, which owns the Pumpkin Hollow mine, will not continue operations during the restructuring period.

The voluntary petition was submitted to the Bankruptcy Court in Nevada following unsuccessful efforts to secure funding or engage in a change of control transaction.

In light of the bankruptcy protection, Nevada Copper made significant leadership changes. It has appointed Tom Albanese, lead independent director, as its new chairperson.

Concurrently, Randy Buffington resigned as president and CEO.

Guillaume de Dardel, a nominee of Mercuria Holdings, resigned from the board on June 7.  Evgenij Iorich and Stephen Gill, both nominees of Pala Investments, stepped down as directors on June 5.

As part of the Chapter 11 process, Nevada Copper has requested customary measures to support its employees and critical vendors. The company is seeking the court’s permission to continue paying employees salaries and wages, and to continue other benefit programmes regardless of whether amounts were owing prior to the commencement of the Chapter 11 case.

To provide liquidity during the restructuring period, the company secured a commitment for $60-million debtor-in-possession financing. Nevada Copper has requested that $20-million of the amount be made available on an interim basis, pending court approval.

Nevada Copper has retained Allen Overy Shearman Sterling US, Torys and McDonald Carano as legal counsel in connection with these matters.

Moelis & Company has been retained as financial adviser and AlixPartners as restructuring adviser.

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 
The Southern African Institute of Mining and Metallurgy
The Southern African Institute of Mining and Metallurgy

The SAIMM started as a learned society in 1894 after the invention of the cyanide process that saved the South African gold mining industry of the...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Photo of Martin Creamer
On-The-Air (21/06/2024)
21st June 2024 By: Martin Creamer
Magazine round up | 21 June 2024
Magazine round up | 21 June 2024
21st June 2024

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:0.192 0.23s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: