San Gold trustee’s bankruptcy proposal deadline pushed back to Jan. 27

By Caroline Salls

Pittsburgh, Jan. 20 – San Gold Corp. said the deadline for its trustee to file a proposal to creditors under the Bankruptcy and Insolvency Act (Canada) was extended to Jan. 27 by the Court of Queen’s Bench (Manitoba).

According to a company news release, a hearing on the company’s initial motion for the extension of trustee MNP Ltd.’s deadline for filing the proposal to March 6 was adjourned to Jan. 22.

The court extended the deadline to Jan. 27 to accommodate that adjournment.

San Gold is also seeking court approval to obtain $4.97 million in debtor-in-possession loans from Beechwood Re for payroll, working capital and other corporate purposes.

The company said it plans to seek a further extension for the filing deadline at the Jan. 22 hearing to enable San Gold to continue its existing operations.

San Gold is a Canadian producer, developer and explorer of gold with a mining complex located near Bissett, Man.

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