Midway Gold asset sale milestones extended to give bidders more time

By Caroline Salls

Pittsburgh, March 24 – Midway Gold US Inc.’s asset sale milestones have been extended under an agreement with the company’s senior debt agent, according to a notice filed Wednesday with the U.S. Bankruptcy Court for the District of Colorado.

Midway said additional time is needed to enable potential bidders to complete their diligence, arrange for adequate financing and otherwise be in a position to submit a qualified bid by the proposed bid deadline, which is currently April 1.

“The debtors submit that such an extension would benefit the overall sale process and their efforts to maximize value,” the company said.

Under the extension, bids would be due by May 2, and the auction must be held by May 5, if necessary. The sale must close by May 17.

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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