Advertisement

Allied Nevada Gold Objection Filed

Advertisement

According to the U.S. Bankruptcy Court docket, WK Mining (USA) filed with the U.S. Bankruptcy Court a limited objection to Allied Nevada Gold’s motion for orders (i)(a) authorizing selling Debtors’ entry into the stalking horse purchase agreement for the sale of the Debtors’ exploration properties and related assets, (b) approving bidding procedures and bid protections, (c) scheduling a hearing to consider approval of the sale of assets, (d) approving form and manner of notice of sale, and (e) granting related relief and (ii)(a) authorizing and approving the sale of the selling Debtors’ assets free and clear of liens, claims, interests and encumbrances, (b) authorizing the assumption and assignment of certain executory contracts and unexpired leases and (c) granting related relief.

The objection asserts, “It is unclear from the Sale Motion whether the proposed assets to be sold include any rights, duties, or obligations under the WK Agreement, whether it makes sense to sell the Acquired Assets as a package or separated into smaller (or individual) assets, or whether the Stalking Horse Purchase Agreement represents a fair starting price for the value of the assets to be sold. If the Acquired Assets are only to be offered as a package, this deprives potential bidders of the ability to purchase individual Acquired Assets, which may maximize value to the estate.”

Read more bankrupt company news.