Gold Mining Company Veris Files Ch. 15 To Shield US Assets

Law360, New York (June 10, 2014, 1:13 PM EDT) -- Mining company Veris Gold Corp. filed for Chapter 15 protection in Nevada bankruptcy court on Monday in an attempt to protect its U.S. assets from creditors as it enters insolvency proceedings in its native Canada.

According to court documents, the Vancouver-based company was forced into the filing in part by its recent default on gold purchase agreements with Deutsche Bank AG, and efforts to refinance the debt proved to be unsuccessful.

“The debtors are currently facing financial difficulty because they lack adequate liquidity to satisfy their...
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