San Gold Corporation (SGRCF)

[goldenpolarbear]

"...the next few days, it is expected to retain financial advisers to run a sales and investor solicitation process (SISP) to find new investors, a joint venture partner or sell the company outright.

The company currently has a creditor list amounting to close to $95 million, including close to $30 million in secured debt to a New York financier called Beechwood Re, which is also subsidizing current operations. As well, there is $50 million in unsecured convertible debentures.

http://www.winnipegfreepress.com/business/San-Gold-shares-delisted-as-miner-faces-cash-woes-290064321.html

"...The company’s workforce of more than 300 people are on the job and wages are being paid. About 40 per cent of its workforce is from the Bissett region, and it has a monthly payroll of about $3.3 million. The workforce is non-unionized.

An industry source said there is some optimism the current plan will yield interest from prospective investors.
"The fact that the current secured creditors are committed to the process should be seen as a good sign," the industry source said.

Neudorf said the process allows for the court to extend the time to file the proposal in additional 45-day periods for as long as five months after the initial 30-day stay of proceedings.

Gibson said efforts will be made to have San Gold’s shares listed on an alternative exchange while the period of creditor protection unfolds..."

A little worse than I THOUGHT! Hmmm? These dismal shares will probably ONLY trade on the OTC Pink Sheets until their financial woes are resolved. NOT GOOD!