From Deloitte fileshttps://www.insolvencies.deloitte.ca/en-ca/Pages/OtsoGoldCorp.aspx Did some reading through the documents on above mentioned page of Deloitte.
- The mine will go on care and maintenance by the end of this week ( 17th ) until probably the 14nd of January 2022
- There is no mine plan for the period after the 17th of December
- A&M will work together with Boyd etc. on creating a new mine plan for 2022
- Cashflow generation was stated too optimistic by former management and needs revision. A&M will work on this during period of maintenance. They will work out better cashflow prediction for the year 2022
- Pandion conveys the opinion that the appr 25-30 million debt has gone up to 95 million because the debt was not paid by the 7th of December 2021. They claim this is in an agreement somewhere when debt was restructured when the Wessons came in. They claim more or less that the situation is back as where it was before restructuring
- Brunswick/Otso gold board say such thing as mentioned regarding the debt has never been disclosed formally to them and they are not aware of such a clausule. The monitor of Deloitte will investigate tis further….
- Otso gold was in discussion with banks somewhere q2/q3 of this year. Due to difficulties created by the Wessons the banks were never able to do proper due diligence on the project for refinancing purposes. The banks stated in the end ‘Otso gold had to organize things properly first’ before any actions from there side will be undertaken
- A&M interim management cost 480.000 a month ( a team behind this )
- A&M thinks their services will be needed for around 6 months to get things back on track ( mineplan / cashflow / financing / spare parts / creditors
- I think I also read somewhere that accounts payable went up in last months and I think I saw somewhere that some million were paid to Hartikkainen
There’s quite some information in the documents. 1 of the documents alone on Victor Koshkin is 1304 pages long already….