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Corsa Coal ( (TSE:CSO) ) just unveiled an update.
Corsa Coal Corp. has filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Western District of Pennsylvania, amid liquidity issues and obligations to creditors. The company has secured a commitment for $15 million in debtor-in-possession financing to support operations during this process. The Chapter 11 filing is intended to facilitate a sale of assets and is seen as a necessary step to preserve and maximize value for stakeholders while continuing operations. The company is also seeking recognition of these proceedings in Canada under the Companies’ Creditors Arrangement Act. Trading of Corsa’s common shares will be suspended, with potential restrictions to preserve tax benefits, and stakeholders are warned about the speculative nature of trading during the bankruptcy process.
More about Corsa Coal
Corsa Coal Corp. is a premium quality metallurgical coal producer, operating in the mining industry, with a primary focus on producing and supplying metallurgical coal.
YTD Price Performance: 1.33%
Average Trading Volume: 64,389
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $15.86M
For detailed information about CSO stock, go to TipRanks’ Stock Analysis page.
