Nevada Copper Corp. Files for Chapter 11 Bankruptcy Protection
Nevada Copper Corp. Files for Chapter 11 Bankruptcy Protection
YERINGTON, Nev., June 10, 2024 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (FSE: ZYTA) and its subsidiaries have made a significant announcement today. The company has filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code in the Bankruptcy Court of the District of Nevada.
Despite efforts to secure funding and explore potential transactions, Nevada Copper was unable to reach a successful agreement with key stakeholders. As a result, the company has been forced to seek bankruptcy protection as it is unable to continue its operations.
In response to the Chapter 11 filings, Nevada Copper has requested permission from the Court to continue paying employee salaries and wages, as well as other benefit programs. The company has secured a commitment for US$60 million debtor-in-possession financing to provide liquidity during the restructuring process.
While Nevada Copper does not anticipate continuing operations, it plans to preserve and protect its assets under the jurisdiction of the Bankruptcy Court. The company has appointed Tom Albanese as Chair of its Board of Directors, following the resignation of Randy Buffington as President & Chief Executive Officer.
Nevada Copper has enlisted legal counsel and financial advisors to navigate through the bankruptcy proceedings. The company remains focused on managing the restructuring process and supporting its employees and vendors.
For more information about Nevada Copper and its projects, visit www.nevadacopper.com or contact Vice President, IR and Community Relations, Tracey Thom at tthom@nevadacopper.com or +1 775 391 9029.
It is important to note that forward-looking statements in this news release are subject to risks and uncertainties, and the company disclaims any obligation to update these statements. Readers are advised not to place undue reliance on forward-looking information provided.
As Nevada Copper moves forward with the Chapter 11 process, stakeholders will be closely monitoring the developments and outcomes of the restructuring efforts.
