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WestMountain Gold Bankruptcy Settlement Filed

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WestMountain Gold filed with the U.S. Bankruptcy Court a motion for approval of settlements by and between the Debtors, Gordon Investments (Alaska) (Gordon) and Boco Investments (BOCO).

According to the motion, “The Settlement Agreement provides that, contingent upon entry of an Order confirming the Plan on or before November 15, 2017 (a date that is subject to extension upon mutual agreement by BOCO and Gordon) in its current form or such amended form as mutually agreed upon by and between BOCO and Gordon, BOCO will assign to Gordon a portion of BOCO’s secured claims against the Debtors, which is set in the amount of $5 million pursuant to the Plan.”

In addition, “The portion of the secured claim assigned to Gordon is $625,000. The assignment will be deemed effective upon entry of (i) an order approving the Settlement Agreement and the Claim Settlement and (ii) an order confirming the Plan. Notwithstanding the assignment, BOCO shall retain full control of its claims during the pendency of the bankruptcy cases, as well as subsequent to confirmation of the Plan.”

Read more WestMountain bankruptcy news.

The post WestMountain Gold Bankruptcy Settlement Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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