Midway Gold Sale Dates Extended


According to the U.S. Bankruptcy Court docket, Midway Gold filed a second notice of extension of certain sale milestone deadlines under the final cash collateral order.

The notice states, “The Debtors have received several offers to conduct a sale transaction and have been diligently evaluating them in consultation with the Senior Agent, the Subordinate Agent and the Creditors’ Committee. The Debtors require additional time to complete their evaluation, determine which offer or offers is highest and best and will maximize value and conduct discussions regarding a potential stalking horse agreement.”

The notice continues, “To this end, the Debtors have obtained the agreement of the Senior Agent to further extend each of the Sale Milestones by approximately two weeks as follows: If the Debtors determine to pursue a 363 Sale, the Debtors shall (i) file a Bid Procedures and Sale Motion, in form and substance reasonably acceptable to the Senior Agent, on or before March 7, 2016, which shall among other things, (A) set a timetable for the sale of the Debtors’ assets, (B) set a deadline by which prospective bidders must submit a written bid with a deposit on or before April 1, 2016, (C) provide that the Debtors shall deliver to the Senior Agent copies of all bids received, (D) set guidelines for determining ‘qualified bidders’ and ‘qualified bid’ and (E) schedule an auction of the Debtors’ assets on or before April 8, 2016 if at least one qualified bid is received, and (ii) consummate a sale of substantially all of the Debtors’ assets or equity on or before April 15, 2016.”

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