Great Panther Mining makes voluntary assignment into bankruptcy

Chicago, Dec. 16 – Great Panther Mining Ltd. made a voluntary assignment into bankruptcy under the Canadian bankruptcy and insolvency act following the Supreme Court of British Columbia granting an order terminating its proceedings under the Companies’ Creditors Arrangement Act (CCAA), according to a press release.

Alvarez & Marsal Canada Inc. was appointed licensed insolvency trustee of Great Panther's estate.

Great Panther's Brazilian subsidiary, Mina Tucano Ltda. and its two shareholders, Beadell (Brazil) Pty Ltd and Beadell (Brazil 2) Pty Ltd, remain subject to a judicial reorganization proceeding in the judicial district of Rio de Janeiro.

The judicial reorganization proceeding is a court-supervised arrangement between debtors and their creditors to allow the debtors to attempt to restructure their operations and liabilities and in order to address a situation of financial distress.

A creditors' meeting will be scheduled under the BIA, and the Trustee will contact known creditors in advance of the meeting to provide relevant information.

Great Panther, a Vancouver, B.C.-based gold and silver producer, owns a portfolio of assets in Brazil, Mexico and Peru.

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