Talvivaara's Corp. Reorg.: District Court has granted an extension to the deadlines for submitting proposals for the reorgani...
May 21 2014 - 8:22AM
Stock
Exchange Release
Talvivaara Mining Company
Plc
21 May 2014
Talvivaara's
Corporate Reorganisation
The District
Court has granted an extension to the deadlines for submitting
proposals for the reorganisation programmes
The District Court of Espoo has
granted an extension to the deadlines for submitting the proposals
for the respective reorganisation programmes of Talvivaara Mining
Company Plc ("Talvivaara" or the "Company") and its operating
subsidiary, Talvivaara Sotkamo Ltd, until 30 September 2014 as
applied by the court appointed corporate reorganisation
Administrator. According to the prior District Court ruling, the
proposals for the reorganisation programmes were to be submitted by
28 May 2014.
The Administrator and Talvivaara
are engaged in discussions with potential financing and industrial
partners for a long-term financing solution for the Talvivaara
Group. Certain industrial and financial arrangements for the
continuation of operations of the Company and Talvivaara Sotkamo
Ltd have already been reached so that the restructuring programmes
can be set up. The extension was applied for as submission of the
restructuring programme proposals is not considered feasible until
sufficient long-term financing has been secured.
Enquiries
Talvivaara Mining Company Plc Tel
+358 20 7129 800
Pekka Perä, CEO
Saila Miettinen-Lähde, Deputy CEO and CFO
Pekka Jaatinen, Attorney-at-Law
Tel +358 20 7765 765
Castrén & Snellman Attorneys Ltd
Talvivaara
Mining Company Plc
Talvivaara Mining Company is an internationally significant base
metals producer with its primary focus on nickel and zinc using a
technology known as bioheapleaching to extract metals out of ore.
Bioheapleaching makes extraction of metals from low grade ore
economically viable. The Talvivaara deposits comprise one of the
largest known sulphide nickel resources in Europe. The ore body is
estimated to support anticipated production for several decades.
Talvivaara has secured a 10-year off-take agreement for 100 per
cent of its main output of nickel and cobalt to Norilsk Nickel and
entered into a long-term zinc streaming agreement with Nyrstar NV.
Talvivaara is listed on the London Stock Exchange Main Market and
NASDAQ OMX Helsinki and is included in the FTSE 250 Index. Further
information can be found at www.talvivaara.com.
District Court granted extension to
submit proposals for reorg. prog.
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Talvivaaran Kaivososakeyhtiö Oyj via
Globenewswire
HUG#1787695
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