OTCQX:BGMZF - Post by User
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Czechlateon Dec 23, 2014 12:42am
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BGM's new director experienced with bankruptcy law.
BGM's new director experienced with bankruptcy law.BGM's new director, Gregory Gibson, is also the CEO and a director of San Gold (SGR). SGR has just received 30 days of creditor protection.
-12-22 21:25 ET - News Release
Mr. Greg Gibson reports
SAN GOLD FILES NOTICE OF INTENTION TO MAKE A PROPOSAL TO ITS CREDITORS
San Gold Corp. has filed a notice of intention to make a proposal under Part 3, Division 1, of the Bankruptcy and Insolvency Act (Canada).
The decision to file the NOI was made by the board of directors of San Gold after extensively exploring restructuring and refinancing alternatives, following thorough consultation with its legal and financial advisers and its principal secured lender.
An NOI is the first stage of a restructuring process under the BIA, which permits San Gold to pursue a restructuring of its financial affairs through a formal proposal. The proposal process provides an opportunity for San Gold to restructure its operations and may allow creditors to receive some form of compensation for amounts owed to them by San Gold. The NOI grants San Gold up to an initial 30 days of protection from its creditors to enable San Gold to pursue the option of a proposal to its creditors through the proposal process. The period within which San Gold is required to file a proposal can be extended by court order.
During the period of protection granted by the NOI, San Gold will be continuing normal operations at its Rice Lake mine complex. Management of San Gold does not believe that there will be significant changes to the operations of the Rice Lake mine complex due to the NOI filing.
MNP Ltd. has been appointed as the proposal trustee in San Gold's proposal proceedings and, in that capacity, will monitor and assist San Gold in its restructuring efforts.
We seek Safe Harbor.