WEEKLY ONLINE NEWS STORY
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| June 04, 2009 --- Vol. 3, No.23 | June 2009
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BC Court assigns Redcorp assets to receiver
Redcorp Ventures Ltd. May 29 said that in response to a petition brought by its secured creditors, the British Columbia Supreme Court has ruled that an extended stay of bankruptcy proceedings to June 16 for the company and its subsidiary, Redfern Resources Ltd., is no longer appropriate. Redcorp had sought protection from its creditors under the Companies’ Creditors Arrangement Act March 4. The court also appointed McIntosh & Morawetz Inc. receiver of Redcorp’s and Redfern’s current and future personal assets, undertakings and properties.
The powers of the receiver specifically exclude interests in real property or land interests, including the mine site that is the subject of the Tulsequah Project, the Asset Based Commercial Paper secured in favor of HSBC Bank Canada, amounts held by CIBC Mellon Trust Company in an interest escrow account and payable to the creditors in accordance with the initial order, and letters of credit and monies secured for certain environmental obligations.
Redcorp, which was served May 22 with an Inspector's Direction from Environment Canada, had sought court approval of an environmental works and compliance plan at a May 27 hearing that resulted in the court assigning the receiver.
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