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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

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Message: Re: Another extension requsted

Aug 23, 2024 11:19PM
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Aug 25, 2024 04:16PM

NorthOntKid,

At this point, the sale process cannot be stopped; but the execution of the sale process can be delayed. The additional judgement creditors already received perfected liens. Before the additional judgement creditors got their perfected lien, only KRY had one. Delaware Corporation law requires that AT LEAST ONE judgement creditor with a perfected lien must participate in the sale process for it to be legal. Venezuela could have stopped the sale process altogether by paying off KRY, and the additional judgement creditors would have been forced to start the process to get their liens first and then commence the sale process to execute the lien. But Venezuela missed that opportunity and now must find a way to deal with them when OFAC allows them to execute their lien.


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