Nevada Copper Corp. (NCU.TO, NEVDF) and its subsidiaries, announced Monday that they have filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the Bankruptcy Court of the District of Nevada.
The Company said it is unable to continue carrying on business after it failed to obtain additional interim funding from its key stakeholders or other change of control transaction.
In conjunction with the Chapter 11 filings, the Company requested customary relief to support its employees and critical vendors during the bankruptcy process.
As part of this relief, the Company is asking the Court for permission to continue to pay employee salaries and wages, and to continue other benefit programs regardless of whether amounts were owed prior to the commencement of the Chapter 11 case.
The Company has received a commitment for $60 million debtor-in-possession (DIP) financing to provide liquidity through the restructuring period, of which the Company is asking that $20 million would be available on an interim basis. The Company is seeking approval from the U.S. Bankruptcy Court for the DIP financing.
Through the restructuring process, the Company does not expect to continue operations, but does intend to take steps to preserve and protect its assets. The Company plans to conduct its activities as a "debtor in possession" under the jurisdiction of the Bankruptcy Court.
The Company also announced the appointment of Tom Albanese as Chair of its Board of Directors and the resignation of Randy Buffington as President & Chief Executive Officer and as a director.
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