Re: ANSWER ME THIS
in response to
by
posted on
Jun 25, 2011 12:46PM
Crystallex International Corporation is a Canadian-based gold company with a successful record of developing and operating gold mines in Venezuela and elsewhere in South America
I don't think there's any such thing as bankruptcy with special conditions. If the Company is unable to meet it's financial obligations, a receiver will be appointed to distribute what remains. The noteholders will be given anything of value and we get nothing. There would be nothing or nobody left to continue arbitration. If the Company was listed only in Canada, it could probably file under the bankruptcy act here to attempt to reorganize but in that case retail shareholders would be certainly wiped out anyway.
If we are unable to deal with the noteholders either by a payout, settlement or replacement (through a new financing) of the notes, we are cooked. Period.