LAKEWOOD, CO / ACCESSWIRE / November 18, 2020 / General Moly, Inc. (the "Company") (TSX:GMO, Financial), the only western-exchange listed, pure-play molybdenum mineral development company, today announced that the Company and its U.S. subsidiaries filed for voluntary protection under Chapter 11 ("Chapter 11") of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Colorado (the "Bankruptcy Court") to pursue a financial and operational reorganization designed to allow the Company to reduce its outstanding liabilities and strengthen its overall financial position while best positioning the business for long-term success under new ownership. In connection with the filing, the Company has executed a Restructuring Support Agreement with creditors representing more than two-thirds of its outstanding debt and other parties in interest, which contemplates agreed-upon terms for a pre-arranged financial restructuring plan.
General Moly Files Chapter 11 to Pursue Financial and Operational Reorganization; Several Directors Resign Their Positions and Interim CEO Named; Toronto Stock Exchange Suspends Listing of Common Stock Pending Delisting Review
Nov 18, 2020
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