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Santa Fe Gold Case Dismissed

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The U.S. Bankruptcy Court approved Santa Fe Gold’s motion for entry of an order dismissing the Chapter 11 cases and granting related relief. As previously reported, the Company had argued, “The Court should approve dismissal of the Chapter 11 Cases on the terms set forth herein because, among other things, (a) the Debtors cannot bear the administrative costs of formulating and confirming a plan of reorganization, (b) the Debtors have no remaining tangible estate assets to administer, nor the funds to do so.”

The Company’s dismissal motion continued, “In these cases, it is not realistic or even possible for the Debtors to confirm a chapter 11 plan….Under the circumstances presented, conversion to chapter 7 and appointment of a chapter 7 trustee would impose significant and unnecessary additional administrative costs upon the Debtors’ estates with no correlative benefit. There are simply no assets of value for a potential chapter 7 trustee to administer. There would be no benefit to (and indeed only a burden upon) the Debtors’ creditors and estates by conversion.”

This mining company filed for Chapter 11 protection on August 26, 2015, listing $22 million in pre-petition assets. Read more mining bankruptcy news.

The post Santa Fe Gold Case Dismissed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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