Northern Iron's Norwegian Mining Subsidiary Files for Bankruptcy

Mining Weekly reported that Northern Iron’s (ASX:NFE) Norwegian subsidiary is filing for bankruptcy as its $100 million debt is unsustainable.
As quoted in the market news:

Attempts to find new investors for the Sydvaranger Gruve AS mining firm, which has close to 400 employees, had also failed, it added. The two largest creditors were top Norwegian bank DNB and government investment agency Innovation Norway, Northern iron said.
The Sydvaranger facility, located deep in the Arctic in Norway’s northernmost county, started production of iron ore concentrate in 2009 following the re-opening of an old mine.
The owner, Northern Iron, on November 12 requested a trading halt for its shares pending the outcome of talks with banks over the Sydvaranger mine.

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