Allied Nevada withdraws motion to disband committee of equity security holders

By Mark Reccek

Bethlehem, Pa., Aug. 19 – Allied Nevada Gold Corp. withdrew its motion requesting the U.S. Bankruptcy Court for the District of Delaware disband the official committee of equity security holders appointed for the company’s Chapter 11 case, according to a Tuesday filing with the court.

As previously reported, the company said in July it had suspended its mining operations.

“A swift emergence from bankruptcy has been curtailed, the equity committee’s scorched-earth tactics are continuing unabated, and a valuation fight is plainly inevitable,” the previous motion said.

The company also said money spent wrestling with the committee “is a dollar taken from recoveries of the debtors’ unsecured creditors.”

Allied Nevada is a Reno, Nev.-based gold and silver miner that filed for bankruptcy on March 10. Its Chapter 11 case number is 15-10503.

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