Midway Gold sale milestones extended to complete evaluation of offers

By Caroline Salls

Pittsburgh, Feb. 22 – Midway Gold US Inc.’s asset sale milestones have been extended by two weeks under an agreement with the company’s senior debt agent, according to a notice filed Feb. 19 with the U.S. Bankruptcy Court for the District of Colorado.

Midway said it has received several offers to conduct a sale transaction and is evaluating them in consultation with the senior agent, the subordinate debt agent and the official committee of unsecured creditors.

The company said it needs more time to complete the evaluation, determine which offer or offers is highest and best and will maximize value and conduct discussions regarding a potential stalking horse agreement.

If Midway decides to move forward with a sale, the sale and bid procedures motions must be filed by March 7. Bids would be due by April 1, and the auction must be held by April 8, if necessary. The sale must close by April 15.

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, 2015 under Chapter 11 case number 15-16835.

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