Horizonte Minerals PLC Announces Araguaia Project Update [Yahoo! Finance]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: Yahoo! Finance
Metais Ltda ("ANML"), the Company's Brazilian subsidiary developing the Araguaia Nickel Project, has been granted an injunction (Brazilian Precautionary Measure) giving it a 60-day stay period in order to negotiate indebtedness and work on a restructuring plan to be approved by its creditors. This Precautionary Measure allows ANML a longer period to negotiate either directly with creditors or via mediation, in a balanced and transparent manner, aiming to protect its cash in the short term during the relevant period in which protective measures are in force. Consequently, this will allow the continuity of current negotiations, while potentially avoiding a Judicial Reorganization proceeding by ANML in Brazil. The Company considers that the injunction granted to ANML does not directly impact Horizonte Minerals plc's current financial condition. The Company will continue to work closely with its major shareholders and senior lenders on a full funding solution, targeted for the end o
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