RE:RE:Sixth report to the trustee- final, dated May 12, 2015Azzenmcelbow wrote: A sales hearing in June. Sigh.
I believe that it won't be a sale, it'll be a court-ordered transfer of certain mining assets to the DIP as payment in full of the outstanding DIP financing.
If so, then I'd presume a delisting/suspension by the Canadian exchanges and the trustee would address the matter of the liability for vacation pay, termination pay and other priority obligations and then divvy up any leftover cash among the various creditors.
As an aside, the latest trustee filing seems to indicate that some of the mining equipment needs repairs; however, if the DIP gets the equipment, I guess that it'd be the DIP's problem.
43. The LOIs received did not provide consideration sufficient to repay the Lender Advances, and accordingly, the LOIs were provided to the Lenders.
On May 4, 2015, the Lenders provided notice of their intention to make a Credit Bid. Read more at https://www.stockhouse.com/companies/bullboard/t.sgr/san-gold-corporation#GXMEd9vxWbmb3Eid.99