Gold miner
One of McWatters’ secured creditors, the provincial government financing agency Investissement Qubec, sought an order in the Superior Court of Quebec that would appoint an interim receiver for McWatters. The company consented to the order, and accounting and management firm Raymond, Chabot has been appointed as interim receiver.
McWatters management continues to operate the business.
Under bankruptcy legislation, the company has 30 days in which to file a formal proposal to its creditors. Creditors must then approve or turn down the proposal in a vote held within 21 days of filing.
McWatters is looking for a buyer for its Sigma-Lamaque gold mine, near Val d’Or, Que., where operations have been suspended since the beginning of October. The company has now engaged Australian investment house Prime Capital Finance to find possible buyers or joint-venture partners for the project.
During the last half of 2003, McWatters sold many of its assets in a fight to stay solvent.
Earlier this month, McWatters sold its Kiena property to
Be the first to comment on "McWatters pushed into administration"