Coeur d'Alene, Idaho -- March 2, 2009, Sterling Mining Company (OTCB:SRLM) today announced that the Company intends to file a voluntary petition under the provisions of Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court, Coeur d'Alene, Idaho. The Company believes the filing will occur by the close of business on March 3rd, 2009.
Sterling Mining Company has taken these actions after determining that seeking Chapter 11 bankruptcy protection is in the best interests of the Company, its creditors, stockholders and other interested parties in light of ongoing financial challenges and the inability to adequately fund operations and obligations. The Company will be debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Code and orders of the Court.
Roger Van Voorhees, who was recently appointed as President, said, "Unfortunately, the burden of Sterling's debt coupled with recent legal actions against the Company, have limited our ability to restructure using out-of-court vehicles, leaving us with no alternative other than the actions announced today."
Sterling Mining Company has retained Elsaesser Jarzabek Anderson Marks Elliott & McHugh as bankruptcy counsel.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
http://www.sterlingmining.com/s/NewsReleases.asp?ReportID=340207&_Type=News-Releases&_Title=Sterling-Mining-To-Voluntarily-File-For-Bankruptcy-Protection
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM