Mirabela Nickel Appoints Voluntary Administrators

Mirabela Nickel Ltd. (ASX:MBN) announced that its board of directors has appointed two voluntary administrators, Martin Bruce Jones and Darren Gordon Weaver of Ferrier Hodgson.
The company will continue normal operations at its Brazil-based Santa Rita mine. However, operations were slowed there on August 15, 2015.
As quoted in the press release:

The Administrators will seek to progress discussions with financiers to put in place funding arrangements or other restructuring options that will alleviate the liquidity challenges currently facing the Company’s operations. The continuing significant decline in nickel prices has eroded the financial position of Mirabela necessitating the appointment of Administrators to protect the position of all stakeholders.

Click here to read the full Mirabela Nickel Ltd. (ASX:MBN) press release.