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CBC reported that Yukon Zinc Corp. has made an offer to its creditors. The offer would see $4.5 million shared between creditors owed $29 million.
CBC reported that Yukon Zinc Corp. has made an offer to its creditors. The offer would see $4.5 million shared between creditors owed $29 million.
The company’s zinc-silver-copper-lead-gold Wolverine mine was shut down in January, and Yukon Zinc went into receivership this past March. MinQuest Ltd. (ASX:MNQ) is looking to buy the mine and will likely do so if the restructuring plan falls through.
As quoted in the market news:
Most of its more than $600 million debt is owed to its parent company, JinDui Cheng Canada Resources Corporation, and is not part of the settlement plan.
Businesses owed less than $5,000 would be paid in full. Those owed less than $9,000 will get $5,000. Companies owed more than that will get either 7.5 cents on the dollar or 11 cents on the dollar.
Creditors owed money by Yukon Zinc will decide on Sept. 2 whether to accept the company’s plan to settle its debts.