Nevada Copper Filed for Chapter 11 Bankruptcy Protection

SEATTLE (Scrap Monster): Nevada Copper Corporation and its subsidiaries, which owns the Pumpkin Hollow copper project located in Nevada, USA, announced that they have filed for Chapter 11 bankruptcy protection in the Bankruptcy Court of the District of Nevada.

The attempts by the company to secure adequate funding or enter into a change of control transaction had failed. The company stated that it is unable to continue with its business, being unable to secure additional interim funding from its key stakeholders, the press release issued yesterday said.

ALSO READ: Nevada Copper Secures $115 Million to Support Copper Project in US

Simultaneously, the company has requested for customary relief in support of its employees and key vendors during the bankruptcy proceedings. The company has requested permission of the Court towards payment of employee salaries and wages. Also, it has sought approval from the U.S. Bankruptcy Court for the debtor-in-possession (DIP) financing.

The restructuring process will ensure that the assets of the company are protected and preserved. The company has made its intentions very clear that it does not intend to continue operations.

Nevada Copper appointed Tom Albanese as Chair of its Board of Directors. Also, it announced resignation of Randy Buffington as President & Chief Executive Officer and as a director.