Crystallex Internat CP fka KRY

[NYBob]

CRYSTALLEX ANNOUNCES CCAA FILING -

12/23/2011
TORONTO, ONTARIO--(Marketwire - Dec. 23, 2011) -

Crystallex International Corporation -
(TSX:KRY)(OTCQB:CRYXF)
("Crystallex" or the "Company")
today announced that it has obtained an order from the Ontario
Superior Court of Justice (Commercial List) for protection
under the Companies' Creditors Arrangement Act (Canada) (CCAA).
Ernst & Young Inc. was appointed monitor under the order.
Subject to the order, proceedings by creditors and others
cannot be continued or commenced without the consent of the
Company and the monitor, or leave of the court.

As previously announced, management of the Company has been exploring financing alternatives for some time, including a $120 million private placement disclosed on October 11, 2011, in order to deal with the liquidity crisis resulting from the $100 million senior unsecured notes issued by the Company maturing on the date hereof. Although the Company has received proposals, none have been satisfactory and discussions continue. The order obtained today permits Crystallex to remain in possession and control of its property, carry on its business and retain employees while the Company obtains additional time to pursue its arbitration with the Bolivarian Republic of Venezuela and complete financings in order to enable all its creditors to be paid in full.

The Company currently has cash and cash equivalents and other assets that are expected to be sufficient to fund its obligations and budgeted expenditures until it obtains debtor-in-possession financing ("DIP financing"). The Company is currently pursuing DIP financing in amounts sufficient to continue to finance the Company through the CCAA proceedings. Crystallex has received expressions of interest from several parties who are interested in providing DIP financing and intends to conclude negotiations for a DIP financing facility within the next few weeks.

Effective no later than December 28, 2011, court filed documents and other information regarding the CCAA proceedings will be available on the Company's website at www.crystallex.com and on the monitor's website at www.ey.com/ca/crystallex.

Other Matters

Crystallex has been informed that the arbitral tribunal for its claim against the Bolivarian Republic of Venezuela with respect to the Las Cristinas Project has agreed upon a schedule of written submissions from the parties and has set a hearing date of November 11, 2013. The Company is diligently advancing its arbitration claim, while remaining receptive to settlement alternatives with Venezuela. The Company will continue to vigorously pursue this claim while it remains under creditor protection.

On December 7, 2011, the Toronto Stock Exchange determined that the Company did not meet the Original Listing Requirements of the Exchange and that the Company's shares will be delisted effective at the close of market on January 6, 2012. Management has no current intentions to pursue alternative exchange listing options. Crystallex shares will continue to trade in the US on the OTCQB market.

About Crystallex

Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has successfully operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela. The Company's principal asset is its international claim in relation to its investment in the Las Cristinas gold project located in Bolivar State, Venezuela.

SPECIAL NOTE REGARDING FORWARD LOOKING STATEMENTS: Certain statements included or incorporated by reference in this press release, -- --obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by law.

FOR FURTHER INFORMATION PLEASE CONTACT:
Investor Relations Contact:
Crystallex International Corporation
Richard Marshall, VP
[phone]
[e-mail]

http://www.crystallex.com

Source: Crystallex International Corporation

COMPANY | PROJECTS | INVESTOR INFORMATION | NEWS


KRY.TO : TSX - Industry: Gold Mining - HOLDINGS SUMMARY -

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