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

Nord Resources Chapter 11 Petition Filed, Dismissal Sought

Nord Resources filed for Chapter 11 protection with the U.S. Bankruptcy Court in the District of Arizona. The Company, which engages in the exploration, development and production of copper and other metal properties, is represented by Eric Slocum Sparks of Eric Slocum Sparks, P.C. Immediately after the bankruptcy case was initiated, Christopher G. Linscott, a Court-appointed receiver for the assets of Nord Resources filed a motion for an order, under 11 U.S.C. Sections 105, 1104 (a) and 1112(b)(1), dismissing the case for a "bad faith unauthorized filing" or, alternatively, asking the Court to exercise its discretion and abstain, dismiss or suspend the bankruptcy proceeding, pursuant to 11 U.S.C. Section 305. The dismissal motion notes, "At 9:30 am today, October 15, 2015, a duly noticed hearing took place to authorize the Receiver to sell the assets of Nord, an operating copper mine. No objections to the sale were filed. At 9:30a.m., Pima County Superior Court Judge Sarah Simmons informed the parties present at the hearing that she had just received notice of a bankruptcy petition for Nord….The Bankruptcy Petition was signed by a party without authority and was a bad faith attempt to avoid or delay the regularly scheduled sale. This delay in the sales process has created havoc for the funding of mine operations and for the employees, vendors, and parties contractually related to Nord." The Company filed a previous Chapter 11 petition on February 22, 2001, but that case was dismissed on April 26, 2001.

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