Trevali Receives Creditor ProtectionNice timing… releasing this on a late Friday afternoon…
It takes a fair bit of time to prepare and file for “creditor protection” so management must have been aware of this ‘sinking ship scenario’ much earlier on – weeks? Months ago?!?!
“Trevali will consider all available transactional and restructuring options with a goal of maximizing value for the Company and its stakeholders.” Hopefully, the shareholders are included (but it seems management is well-taken care of over every other stakeholder)!!!
“Management of Trevali is expected to remain responsible for the day-to-day operations, under the general oversight of the Monitor.” The same ‘Management’ that lead this company into the dumpster! What a joke. Management continues to be paid while the ‘Monitor’ provides general oversight.
Caribou on care and maintenance while environmental obligations to fulfill – cash out the door (the mine was re-opened with a $6M restart fee only last year).
Perkoa “operations remain suspended” – is this the same as care and maintenance while environmental obligations to fulfill – cash out the door (the mill has sat idle since April 2022 even though there was ore stockpile available (when zinc was hitting its highs) to process and sell).
$100 M debt outstanding..
Hedges outstanding...
One mine producing...
Although there is a potential class action lawsuit, there may be no money to squeeze from the company or directors.