San Gold Corporation (SGRCF)

[goldenpolarbear]

THE Bissett mine and all the assets of San Gold Corp. are now owned by 7097914 Manitoba Ltd.

The numbered company was created to hold the assets on behalf of Beechwood Re, a reinsurance operation based out of the Cayman Islands.

It's now the owner because none of the solicited offers made during San Gold's lengthy creditor protection process was large enough to pay out the secured debt of US$23,750,000 owed by San Gold to Beechwood.

Because substantially all of San Gold's assets were acquired by the numbered company in what is referred to as a credit bid, San Gold does not have the ability to make a proposal to its other creditors.

Effective Tuesday, San Gold is effectively bankrupt.

http://www.winnipegfreepress.com/business/numbered-company-takes-over-bissett-mine-310005981.html