Red Eagle receives default notice from lenders
RED EAGLE Mining Corp.’s secured lenders have given a default notice, have issued a demand letter under the secured credit facility and intend to appoint FTI Consulting as receiver over Red Eagle Mining’s assets. Red Eagle Mining had negotiated a restructuring, announced Aug. 24, 2018, under which the secured lenders would write off a significant part of their debt to enable Red Eagle Mining to recommence operations, but the restructuring was contingent upon a $38-million (U.S.) equity financing from Annibale SAC, personally guaranteed by its principal Fernando Palazuelo. Annibale defaulted on that commitment, and as a result, the restructuring could not proceed.
We seek Safe Harbor.
Robert Wiltshire Bell, Jeffrey Robert Mason, Robert Bruce Pease, Ian Paul Slater, Henry Jay Sujir
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