Midway Gold creditors committee requests OK to hire financial adviser

By Caroline Salls

Pittsburgh, July 30 – Midway Gold US, Inc.’s official committee of unsecured creditors requested court approval to hire Gavin/Solomonese LLC as its financial adviser, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the District of Colorado.

If approved, the hiring would be retroactive to July 7.

As financial adviser, Gavin/Solomonese will:

• Analyze the company’s businesses, management, operations, properties, financial condition and prospects;

• Analyze the company’s historical financial performance and transactions;

• Review the assumptions underlying the business plans and cash flow projections for the assets involved in any potential asset sale or plan of reorganization;

• Monitor and report to the committee on the company’s near-term liquidity needs and operational changes;

• Analyze all contracts and/or agreements;

• Assist in the procurement of and assemble any necessary validations of asset values;

• Evaluate the company’s capital structure and make recommendations to the committee on Midway’s efforts to reorganize its business operations and/or confirm a restructuring or liquidating plan;

• Assist the committee in marketing the company’s assets; and

• Provide ongoing analysis of Midway’s financial condition, business plans, capital spending budgets, operating forecasts, management and prospects for future performance.

The committee said Gavin/Solomonese has agreed to a 10% reduction of its regular hourly rates, which range from $295 per hour to $650 per hour.

Midway, based in Vancouver, B.C., is a development-stage company that acquires, explores and develops gold and silver mineral properties in North America. The company filed for bankruptcy on June 22 under Chapter 11 case number 15-16835.

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