Bens Creek Receives Second Redemption Notice
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Bens Creek has received a redemption notice from largest shareholder Avani Resources for $6.5 million of unsecured loan notes plus interest.
In addition, as announced on May 16, 2024, the company has also received a redemption notice from ACAM over its $7.57 million unsecured loan note.
The U.S.-based coal miner reiterated it has a cash runway until only the end of May 2024 and remains severely cash-constrained.
Due to this cash constraint, the company said it is unable to repay either amounts and is considering its options, including administration.
Source: Proactive Investors
On April 25, Bens Creek shareholder MBU Capital called for a meeting to assess Chapter 11 options
On May 1, Bens Creek postponed Chapter 11 court hearing after receiving new finance offer
Bens Creek Group is an AIM listed holding company set up to own and operate metallurgical coal mines in North America. The company owns the Ben’s Creek mining project in West Virginia.
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