Talvivaara reorganization proposal deadline pushed back to Sept. 30

By Caroline Salls

Pittsburgh, May 21 - Talvivaara Mining Co. and operating subsidiary Talvivaara Sotkamo Ltd.'s deadline for submitting proposals for their reorganization programs was extended to Sept. 30 by the District Court of Espoo, according to a news release.

The proposals for reorganization programs were previously due by May 28.

According to the release, Talvivaara and its corporate reorganization administrator are in discussions with potential financing and industrial partners for a long-term financing solution for the Talvivaara Group.

The company said some industrial and financial arrangements for the continuation of operations of the Talvivaara entities have already been reached so that the restructuring programs can be set up.

The extension was requested because submission of the proposals is not considered feasible until sufficient long-term financing has been secured, the release said.

Helsinki-based Talvivaara Mining is a base metals producer with its primary focus on nickel and zinc.

© 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.