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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 4 sources · 5 days · First seen · Last updated

Nordic Mining financial and legal crisis

Overview

Nordic Mining is navigating a severe liquidity crisis and potential bankruptcy. The company has proposed financial restructuring, including converting debt into equity and issuing new shares, to address unsustainable debt levels and a 95 percent drop in share price. Chairman Kjell Roland noted that while the company is not yet bankrupt, it is running out of cash in the near term.

Negotiations are ongoing to determine whether the company will undergo debt write-downs and refinancing, face bankruptcy, or be sold entirely. These financial difficulties coincide with operational and legal challenges at the Engebø mine, including a Supreme Court ruling that declared the state’s discharge permit for the project invalid.

Additionally, the company faces environmental opposition. Activists from Extinction Rebellion have staged protests, such as blocking operations at the Vevring site, to oppose plans for disposing of mine tailings in the Førdefjord.

Entities

Nordic Mining · Førdefjorden · Extinction Rebellion · Kjell Roland · Vevring

Timeline

  1. [BUSINESS] 2 sources
    Nordic Mining faces bankruptcy risk amid liquidity crisis

    Nordic Mining is facing a severe liquidity crisis, with Chairman Kjell Roland warning the company is running out of cash. Possible outcomes include bankruptcy, refinancing, or a total sale.

  2. [BUSINESS] 2 sources
    Nordic Mining holds emergency meeting to avoid bankruptcy

    Nordic Mining holds an emergency meeting to avoid bankruptcy amid a 95% share price drop, while Extinction Rebellion activists block operations in Vevring to protest fjord tailings disposal.

Sources

bt.no · e24.no · idag.no · tu.no