Six members of the 9-person board of directors of Westar Mining (TSE) of Vancouver resigned recently.
The coal miner says the resignations were prompted by exposure to potential personal liability while the company is under the Companies’ Creditors Arrangement Act court protection.
Tendering their resignations were David Bookbinder, Nicholas Geer, Ichiro Hiwasaki, Akihiko Nagasawa, Edwin Phillips and Klyokazu Watanabe. Remaining on the board are L.I. Bell, Peter Dolezai and Robert Chase.
Westar has been under court protection since May 14, pending approval of a plan to restructure all of the company’s debts. The company says it is in the process of finalizing the plan.
Be the first to comment on "Westar directors tender resignations"