17th Jan 2014 12:54
LONDON (Alliance News) - Talvivaara Mining Company PLC Friday said the district court of Espoo has provided deadlines for the reorganisation of the company and its subsidiary.
The base metals producer with operations in Finland said reports on the financial status of Talvivaara Mining Company and Talvivaara Sotkamo Ltd have to be compiled by March 28 and proposals for the respective programmes to be provided by May 28.
The company said that the district court has appointed creditor committees to act as joint representatives of the creditors in the proceedings.
Talvivaara announced its reorganisation programme after the company got into financial difficulty after a sharp decline in the price of nickel early in 2013 and applied for a corporate reorganization in Finland, the equivalent of Chapter 11, after its lenders declined to finance a restructuring on its own.
Earlier this month, the company said it had concluded co-operation consultations with its subsidiary and planned to lay off 246 of its 530 employees indefinitely.
Talvivaara shares were down 2.2% to 6.27 pence Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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