A U.S. bankruptcy court has given Pegasus Gold (PGU-M), which filed for protection from creditors in January, more time to reorganize its corporate structure.
The company now has until July 31 to file a reorganization plan. However, the extension is of no help to Pegasus shareholders: the company reports that an evaluation of its assets at the current gold price indicates that shareholders “are unlikely to receive any value.” The new deadline is conditional on the cooperation of creditors, who have until Sept. 30 to accept the new plan once it is filed.
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