Copper King Mining Corporation Files a Petition For Protection Under Chapter 11 of The Federal Bankruptcy Code. Anthony Bryan Jr. is Designated Chief Executive Officer.
May 19, 2010 1:23:00 PM
Copyright Business Wire 2010
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Email story | Discuss on ZenoBank | View more ads MILFORD, Utah--(BUSINESS WIRE)-- The Board of Directors of Copper King Mining Corporation and its wholly owned subsidiary Western Utah Copper Company (CPRK.PK "Copper King" or the "Company") made the following announcements:
1. Copper King and its subsidiary Western Utah Copper Company filed voluntary
petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code.
2. Marcus Southworth resigned as Chief Executive Officer of the Company. Mr.
Southworth will remain as President.
3. The Watley Group has been retained to provide Chief Executive Officer,
financial, and investment banking services to the Company and to represent
the Company in connection with the Chapter 11 proceedings. The Watley Group
has designated Anthony Bryan Jr., a restructuring and turnaround expert, as
Chief Executive Officer. The Company plans to schedule a series of
conference calls to brief shareholders and creditors and to answer
questions. Mr. Bryan will chair the call. Conference call information will
be provided as soon as it can be arranged.
Marcus Southworth, President of Copper King commented, "I look forward to working with Mr. Bryan during the Chapter 11 process. We plan to move very quickly to stabilize the company and we are developing a very compelling plan of reorganization that will enable us to successfully emerge as a stronger company with healthy mining operations, a stronger balance sheet, a competitive cost structure, and the ability to increase our proven reserves. It is our goal to emerge from Chapter 11 as quickly as possible. I am confident that we can build a healthier business and restore Copper King as a premier mining business."
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. There are many factors that could cause the Company's expectations and beliefs about its plans to fail to materialize: general world economic conditions; availability of capital; unfavorable geologic conditions; the complexity of exploration and production; prevailing prices for commodities, equipment failures, execution of default notices by lenders, foreclosure of secured assets by the Company's secured lenders, and general regional economic conditions. Copper King assumes no obligation to update the information contained in this press release.
Source: Copper King Mining Corporation
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Copper King Mining Corporation
Charles A. Moskowitz
617-633-2259
CAM@CopperKingmining.com
AI
