Welcome to the Crystallex HUB on AGORACOM

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

Free
Message: Wednesday - Time & Sales

Other than the weeker share price which probably means squat, is there anything that would indicate the two parties working on a settlement.

EZ, you need to go back and read some of the documents. I'm not going to search all of them for you but the information is there. The jist is the stay was extended until November 29th. You can find it on the monitor site under court order October 11th.

3. THIS COURT ORDERS that the Applicant and representatives of the holders of
Crystallex International Corporation's senior 9.375% notes due December 23, 2011 attend a
mediation before the Honourable Justice Campbell on October 24, 2012 or such other date as the Honourable Justice Campbell may fix.


4. THIS COURT ORDERS that Applicant's undertaking to deliver a with-prejudice
proposal for a plan of compromise or arrangement under the CCAA is extended to the earlier of November 23, 2012 and three business days from the day the Honourable Justice Campbell declares the mediation to be at an end.

It seem pretty clear the Judge wants a comprimise so KRY can come out of CCAA protection. By asking for each parties plan he can then decide who is being unreasonable. We will know soon if Kry is sticking with their rightful position that the bondholders aren't entitled to any of the award. Either way any settlement won't be coming out of managements end but ours so while the noteholders may not deserve any award piece they may get a piece.

I hope they don't and Fung can hold the line.

Share
New Message
Please login to post a reply