Luxemburg, March 1, 2013 - Northland Resources S.A. (TSX: NAU, OSE:
NAUR, Frankfurt: NPK, First North/Nasdaq: NAURo - "Northland" or "the
Company") hereby announces that the preliminary reorganization plan for
the Company's Swedish subsidiaries was presented at today's meeting of
creditors. The creditors expressed their support of the continued
reorganization.
As previously announced, the Luleå District Court today held a meeting
of creditors in the companies in reorganization, Northland Resources AB
(publ), Northland Sweden AB and Northland Logistics AB.
The administrator, Lars Söderqvist, accounted for the measures
undertaken to date, such as the ongoing contacts and negotiations that
have taken place with the companies' suppliers with the objective of the
companies' operations being able to continue during the reorganization
period. Questions from suppliers and creditors have been answered on an
ongoing basis. In addition, written information on the superior right of
priority has been prepared. Furthermore, procedures have been
established for the management of payments during the reorganization of
the companies.
The earlier assessment that the companies are sufficient, i.e. that the
value of their assets exceeds that of their liabilities, remains
unchanged. It should, however, be noted that the valuation of the
assets, and thus the assessment of sufficiency, is based on a going
concern assumption, that is, the assumption that the operations will
continue over a foreseeable future. If, instead the assessment was to be
made based on sale values (liquidation values) of the individual assets,
the outcome would be uncertain.
Within the framework of the reorganization, short-term financing takes
high priority and several alternative solutions to the matter are being
examined in parallel. Among these, the following can be mentioned:
. Discussions with key suppliers on the supply of goods and services
on credit with a credit term of 45 days against collateral in the form
of superior rights of priority.
. Contacts with external financiers regarding the provision of short
-term loans against collateral in the form of superior rights of
priority.
. Negotiations with the company's principal creditors regarding
injections of liquidity.
|
Thread abonnieren
.....danke, das werde ich tun
.......die alten iebestoeter müssen weg