Sterling Mining To Voluntarily File For Bankruptcy Protection 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.
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