Bankruptcy News

We've summarized the latest docket activity and news for publicly traded companies currently operating under U.S. Bankruptcy Court protection.

Bankruptcy/Chapter 11

Mineral Park Chapter 11 Petition Filed

Privately-held Mineral Park and three affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Delaware, lead case number 14-11996. The Company, which mines, explores and develops an Arizona mineral property, is represented by James O'Neill of Pachulski Stang Ziehl & Jones. The Debtors are wholly-owned, direct subsidiaries of Mercator Minerals Ltd. (MML), whose stock trades on the Toronto Stock Exchange. MML did not file for Chapter 11 protection. According to documents filed with the Court, MML began a strategic alternatives review in mid-2013 "[i]n light of the commodity price environment, capital market conditions and other challenges….Given the present state of affairs facing the Debtors and Mineral Park's inability to obtain a further forbearance from the Lenders, the Debtors have commenced these Cases in order to preserve value and to provide an opportunity to effectuate an orderly sale process." Mineral Park's bankruptcy petition indicates total assets greater than $100 million.

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