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Santa Fe Gold Chapter 11 Bankruptcy Petition Filed

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According to documents filed with the U.S. Bankruptcy Court, Santa Fe Gold and three affiliated Debtors filed for Chapter 11 bankruptcy protection in the District of Delaware.

The Company engages in the acquisition, exploration, development and mining of mineral properties in the United States. According to documents filed with the Court, “The proceeds of the DIP Facility are sized to support the Debtors through the anticipated pendency of these chapter 11 cases and preserve and promote the health and viability of the Debtors’ assets….Specific to the chapter 11 cases, the DIP Facility sets certain milestones for certain restructuring initiatives (e.g., obtaining approval of bid and sale procedures, consummating a sale of all or substantially all of the Debtors’ assets) and entitles the DIP Lender to certain fees.”

Read more Chapter 11 news.