RB Energy starts restructuring proceedings
Published: Tuesday, 14 October 2014
The latest move to start restructuring proceedings is not quite the final nail in the junior iodine and lithium producer’s coffin, but it shows that there is little hope that the financing that the company has been looking for coming to fruition. It does also mean that RB Energy can hang onto its assets for a bit longer, as it will be protected under the Companies' Creditors Arrangement Act.
Beleaguered Canadian lithium and iodine junior RB Energy Inc. today
announced that, "in light of the company's current financial
situation," it has commenced restructuring proceedings.
"[In order] to facilitate an orderly restructuring of its
business and operations, the board of directors of the company
has approved a filing (...) for...