Talvivaara Mining creditors to begin voting on revised restructuring

By Kali Hays

New York, April 14 – Talvivaara Mining Co. plc has been ordered by the District Court of Espoo to initiate a creditors’ voting procedure on its revised draft restructuring proposal, according to a news release.

Enforcement of the restructuring requires support from a majority of voting creditors and if Talvivaara fails to gain enough creditor support the company will be “likely” to file bankruptcy.

The voting period for convertible bondholders and nominee-registered bondholders will end on May 4, while voting for all other creditors will end on May 6, according to the release.

As previously reported, Talvivaara filed its revised proposal on March 13 after it entered into a sale and purchase agreement with Audley Capital Advisors LLP concerning its Sotkamo mining facility.

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

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