Minto Metals Corp., the company that abandoned the Minto mine site in May, owes more than $70 million to creditors as of Aug. 2, according to a document posted on the receiver’s website.
Per the form 87, that includes approximately $24.6 million owed to three creditors who hold a security.
That also includes a total of at least $20.1 million owed to 18 creditors who have registered a lien. That does not include the to-be-determined amounts owed to four applicants.
Additionally, that includes a sum of about $25.3 million owed to other creditors. The form indicates the amount owed to some other creditors — such as employees — has not yet been determined.
On July 24, PricewaterhouseCoopers Inc. was appointed as the receiver and manager of all assets, undertakings and property of Minto Metals Corp. Per the document, that includes $76 million in assets including restricted cash, inventories, producing mineral properties, mineral exploration and development properties, and plant and equipment.
The document lays out the receiver’s intended plan of action, which is to take possession and control of the property and run a sale and investment solicitation process to realize the assets.
Contact Dana Hatherly at firstname.lastname@example.org