With us today is Frank C. Smeenk President & Chief Executive Officer of KWG Resources Inc. Mr. Smeenk discusses recent conversation with Noront Resources after proposed acquisition of Cliffs Chromite was announced.
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Dec 03, 08 05:46AM
The game is over with this stock, sorry for you guys...
Bankruptcy or Receivership, Triggering Events That Accelerate or Increa
Item 1.03 Bankruptcy or Receivership.
On December 2, 2008, Platina Energy Group, Inc. (the "Company") and its wholly owned subsidiaries, Wildcat Energy Corp. and Appalachian Energy Corp. (the "Subsidiaries"), filed voluntary petitions for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division. The Company and its Subsidiaries will continue to manage their properties and operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and the orders of the Bankruptcy Court.
Item 2.04 Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.
On December 2, 2008, the Company and its Subsidiaries filed voluntary petitions for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Corpus Christi Division. The filing of the bankruptcy petitions constituted an event of default under the Company's debt arrangements with Trafalgar Capital Specialized Fund, Luxembourg ("Trafalgar"). As a result of such event of default, all obligations under such debt arrangements became automatically and immediately due and payable. The total amount of such obligations was approximately $4,563,618.30 as of December 2, 2008. The Company believes that any efforts to enforce the payment obligations under the Trafalgar debt arrangements are stayed as a result of the filing of the Chapter 11 case in the Bankruptcy Court.