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Apex Silver Enters Ch. 11 To Sell Off Bolivian Mine

Law360 (January 13, 2009, 12:00 AM EST) -- Apex Silver Mines Ltd., a silver-mining operation with a primary interest in Latin American mines, filed for Chapter 11 bankruptcy protection Monday, submitting a reorganization plan that includes the sale of a controlling interest in its largest silver mine to Sumitomo Corp.

The filing in the U.S. Bankruptcy Court for the Southern District of New York came after unanticipated leaps in the prices for silver, lead and zinc caused Apex to make steep payments under its finance division's hedge positions.

At the same time, production at...
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