Nevada Copper Corp T.NCU.WT.C

Basically we have milestones some may missed

[KentWilkens]

Milestones...

page 92 of the report (looking at the actual page numbers, but page 164 on the pdf

E  No later than fourteen (14) calendar days following entry of the Sale Approval Order by the Bankruptcy Court, the Canadian Court shall have granted an order, in form and substance satisfactory to the Administrative Agent and Senior Lenders in their sole discretion, recognizing and enforcing the Sale Approval Order in Canada.

f No later than fourteen (14) calendar days following the entry of the Bidding Procedures Order by the Bankruptcy Court, the Canadian Court shall have granted an order, in form and substance satisfactory to the Administrative Agent and Senior Lenders in their sole discretion, recognizing and enforcing the Bidding Procedures Order in Canada.

G No later than ten (10) calendar days following the Petition Date, the Debtors shall have filed a motion (the “Bidding Procedures Motion”) in form and substance acceptable to the Majority Lenders, for entry of an order (the “Bidding Procedures Order”) (i) approving the procedures to be used and bid protections to be provided in connection with the Sale Transaction (as may be amended from time to time in accordance with their terms, the “Bidding Procedures”), (ii) setting the dates for the submission of bids, the auction (if any) and the hearing on the approval of the Sale Transaction and approving all notices related thereto and (iii) authorizing certain procedures related to the assumption and assignment of executory contracts and unexpired leases in connection with the Sale Transaction.

H  No later than forty-five (45) calendar days following the Petition Date, the Bankruptcy Court shall have entered a Bidding Procedures Order approving the Bidding Procedures Motion, which shall be in form and substance acceptable to the Majority Lenders.

I   No later than forty-five (45) calendar days following the Petition Date, the Bankruptcy Court shall have entered the Final Order.

J   No later than one hundred eight (108) calendar days following the Petition Date, the Bankruptcy Court shall have entered an order (the “Sale Approval Order”) approving a sale (or sales) of all or substantially all of the business of the Debtors (the “Sale Transaction”), in form and substance acceptable to the Majority Lenders.

K   No later than one hundred twenty (120) calendar days following the Petition Date, the Sale Transaction shall be consummated. 

PH will be sold, a bidding process.

KW

[cnynman]

Yes, exactly. Most of this is boilerplate for Chapter 11. Dates may change with DIP requests and court approval, but this is how it will play out more or less. NCU will be sold (assets). The only real question is whether the eventual high bidder is interested in selling off the hard assets (mill, mobile equipment, etc.) or in attempting to resurrect the mine. What to watch for: Pala and Mercuria

[nofluff]

You sound convinced the sale process is written in stone. The bid process must b filed 1rst by majority security holders. Elliot is 1rst to be paid, so other lenders will want bid high enough to get paid back plus interest. Pala and Merc are majority lenders as well as a couple others and German folks. Pala and Merc about a billion shares not counting exorsizeable options and warrants

[KentWilkens]

NF you said "As the 60 million takes mine to nameplate quickly, there will likely b a bid process filed."   There is NOTHING in the financial document filed that indicates any further development of the mine while in chapter 11.  News articles indicate layoffs. A good read of the financial page indicates there will be layoffs. NOt as doom and gloom as some state, but

[nofluff]

I guess we will have to wait and c.    If you have read and able to digest the hundreds of pages, u r way smarter than me and have way more time. I just know the announcement of 60 million, with 20 million to be advanced quick to keep workforce on. There certainly could b layoffs depending on progress.  Nf

[nofluff]

Anything in there telling why they r keeping workforce or what they need 60 million for?? Nf

[cnynman]

They are not 'keeping workforce on'. They are shifting to care and maintenance, which will require a handful of essential personnel.  They are in the process of layoffs for 117 as a first step.The $20M is for their salaries, benefits, 401k and severance packages through the layoff process, which could stretch into August.  All of the UG miners (SMD contractors) have already been

[KentWilkens]

My first, second and third guess as to why they are doing a slow layoff, is they will try to sell the project lock stock and barrel to a major. Mine infrastructure in place, basic staff, easy enough to turn back on and work out the bugs. Pala out of money to move ahead, only chance to recoup is a proper sale. Sale will need enough cash to payoff lienholders, balance likely in shares. The timed