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    Zinc Miner Horsehead Holding Files for Bankruptcy

    Charlotte McLeod
    Feb. 03, 2016 03:03PM PST
    Base Metals Investing

    Reuters reported that American zinc miner Horsehead Holding Corp. (NASDAQ:ZINC) has filed for Chapter 11 bankruptcy. The company cited poor metals prices and a shortage of cash as reasons for its troubles.

    Reuters reported that American zinc miner Horsehead Holding Corp. (NASDAQ:ZINC) has filed for Chapter 11 bankruptcy. The company cited poor metals prices and a shortage of cash as reasons for its troubles.
    As quoted in the market news:

    Horsehead’s filing came weeks after it said it was idling its state-of-the-art zinc production facility in Mooresboro, North Carolina, which it broke ground on in 2011. The company blamed a lack of liquidity and a seven-year low in the price of zinc.
    Horsehead and its affiliates have been in the zinc industry for more than 150 years, and also recycle nickel-bearing waste and nickel-cadmium batteries. The company operates six US facilities and one in Canada.
    In January, Horsehead missed a $1.9-million interest payment on its secured notes due in 2017.
    The company said it will seek court permission to borrow up to $90-million from holders of the secured notes. Horsehead said it urgently needs cash as a number of significant vendors and suppliers have cut off or have threatened to cut the company off due to its dwindling funds.
    The loan will commit Horsehead to produce a plan of reorganisation in 40 days that is acceptable to its lenders and a group of secured noteholders, according to court documents.

    Click here to read the full Reuters report.

    zinc productionzinc minercanada
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