Canada's Baja Given 45 Days To Cure Mexico Mine Defaults

Law360, New York (June 20, 2012, 9:35 PM EDT) -- Canada's Baja Mining Corp.'s lenders have given the company 45 days to raise enough cash to cure defaults under the financing agreements for its troubled Mexican metals mine, where a $246 million cost overrun has sparked shareholder litigation and threatened to kill the project.

Baja's lenders on the $1.14 billion Boleo project — which include British and German commercial banks and export credit agencies in the U.S., Canada and Korea — have agreed to a standstill until Aug. 1, the company said in a statement. The...
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