Constellation Copper misses convertible unsecured debenture interest payment, may consider bankruptcy

By Caroline Salls

Pittsburgh, March 31 - Constellation Copper Corp. has not paid C$1.9 million of interest due March 31 on its C$69 million convertible unsecured senior debentures, prompting a default, according to a news release.

Constellation said it is still exploring various near-term financing alternatives, including bank financing, equity investment, mergers and sales of some or all of the company's assets.

If its cash liquidity problems cannot be resolved, Constellation said it may consider filing for bankruptcy protection in both Canada and the United States.

The company has 30 days to make the interest payment before the maturity of the debentures can be accelerated.

Constellation is a Lakewood, Colo.-based copper and zinc mining company.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.