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Northland Resources SA Halts Operations After Decision by the Trustee to Accelerate and Enforce the Bank Account Pledge


Friday, 24 May 2013 12:23pm EDT 

Northland Resources SA announced that Norsk Tillitsman, the (Trustee), acting on behalf of the bondholders of the USD 370 million senior secured bond (the Bondholders) decided on May 24, 2013 to enforce on bank account pledges leaving the Company without access to its own funds. As a consequence, Northland lacks the liquidity to make any payments. The Board of Directors has therefore decided that as of May 24, 2013, none of the companies in the Group shall order or receive any goods or services. The Company will pursue all available options to try to find a solution for the short and long term funding. The decision to block the bank accounts came after a meeting on May 24, 2013, between the Trustee, a few larger bondholders and their advisors where they also turned down the proposed USD 35 million short bridge facility which would have required a bondholder approval which was planned for May 30, 2013. 

Company Quote

0.58
0.01 +1.75%
8:19am EDT