Looks to be BANKRUPT Another failed ROCKETRED promotion
the company's ability to continue as a going concern is dependent on obtaining additional working capital financing in the immediate term. The company continues to work with its senior lenders to obtain the required financing in the short term.
There can be no assurances that the company will pursue or complete a business transaction or sale under its strategic process. The board of directors of the company will review all possible strategic alternatives and weigh the relative benefits of such alternatives to stakeholders.
Given the nature of the strategic review process and the need for confidentiality during potential negotiation discussions, MBAC does not intend to provide progress updates until such time as the board of directors approves or completes a transaction or otherwise determines that further disclosure is required.
As disclosed previously, the company has put its Itafos operations into minimum production mode in an effort to conserve working capital given that it is now low season for fertilizer sales in Brazil. To further preserve its working capital, the company is evaluating the temporary suspension of its operations and putting the project into care and maintenance mode. MBAC will re-evaluate operations once fertilizer demand increases and the company