The U.S. Bankruptcy Court confirmed WestMountain Gold’s First Amended & Restated Joint Plan of Reorganization.
According to documents filed with the Court, “The holders of Allowed Claims of the type specified in Section 507(a)(2) of the Code, Administrative Claims, shall receive cash equal to the allowed amount of such Claim or a lesser amount or different treatment as may be acceptable and agreed to by particular holders of such Claims….The holders of Allowed Claims that represent Court approved debtor in possession financing claims, pursuant to 11 U.S.C. §364 (‘DIP Loan’), shall be entitled to elect to receive instead of a cash payment, New Common Stock in WestMountain equal to the percentage of the New Capital that the converted portion of the DIP Loan represents to the total New Capital up to a maximum allocation of 87.5% of the New Common Stock issued on account of the New Capital, if a minimum of $3,500,000 of New Capital is raised.”
In addition, “The Allowed Claims of a type specified in Section 507(a)(8) of the Code, Tax Claims of governmental taxing authorities, shall be paid on the Effective Date of the Plan or in monthly payments on an amortized basis over a period that does not exceed five years.”
This exploration stage mineral properties’ miner filed for Chapter 11 protection on March 1, 2017, listing $4.3 million in pre-petition assets.
Read more bankruptcy news.
The post WestMountain Gold Bankruptcy Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.