Midway Gold wins exclusivity extension to formulate liquidating plan

By Caroline Salls

Pittsburgh, July 7 – Midway Gold US Inc. received a fourth extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Thursday with the U.S. Bankruptcy Court for the District of Colorado.

The company’s exclusive filing period was extended through Aug. 15 from June 16 and the solicitation period through Oct. 15 from Aug. 16.

Midway said it has made significant progress since the last extension was granted, including completing a sale process and closing the sale transaction.

Now that the sale has closed, the company said it is focusing its efforts on formulating and drafting a disclosure statement and a liquidating plan.

“The debtors need additional time to complete this project and have determined that a further extension of the exclusivity periods is warranted,” the motion said.

Based in Vancouver, B.C., Midway Gold is a development-stage company that acquires, explores and develops gold and silver mineral properties in North America. The company filed for bankruptcy on June 22, 2015 under Chapter 11 case number 15-16835.

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