Rambler applies for creditor protection
Copper and gold company Rambler Metals, which owns the Ming mine in Canada, has applied for an initial order for creditor protection.
After consideration of its financial position, the board has determined that it is in the best interest of the company to file for creditor protection in the Supreme Court of Newfoundland and Labrador under the Companies’ Creditors Arrangement Act (CCAA).
The initial order being sought includes, among other things: a stay of creditor claims and proceedings in favour of the company, court approval of a 13-week cash flow plan and of a $5-million debtor in possession financing required to support the operation while in the CCAA process, and to appoint Grant Thornton as court-appointed monitor.
While under protection, Rambler will consider all available transactional and restructuring options.
Directors and management of Rambler are expected to remain responsible for the day-to-day operations of the company, under the general oversight of Grant Thornton.
Further to the announcement ten days ago, Rambler has brought forward critical maintenance for both the process plant and the mine. Mining operations concentrated on remedial work on the access ramp, auxiliary ventilation and maintenance on mobile mining equipment. At the process plant, relining of both the semiautogenous grinding and ball mills was brought forward.
The mine is ready to resume and, following the issuance of the initial order, the company expects full operations at the Ming mine to restart on February 28.
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