ALTAQ : ALTA GOLD CO (NASDAQ)
All Headlines
Alta Gold Co. Files Motion to Dismiss Chapter 11 Bankruptcy Proceeding
LAS VEGAS--(BUSINESS WIRE)--Aug. 4, 1999--Alta Gold Co. (OTC BB: ALTAQ) Wednesday announced that it has
filed a Motion to Dismiss its Chapter 11 Bankruptcy proceeding presently pending in the United States Bankruptcy Court,
District of Nevada.
The basis for Alta's Motion is that it has received an offer from a potential investor to buy a 40 percent interest in the
Olinghouse property for funds sufficient to satisfy in full, obligations owed by the company to its bankruptcy-affected creditors,
which amount is estimated to be approximately $26 million.
The sale of an interest in the Olinghouse property is subject to the completion of customary documentation and the satisfaction
of certain pre-closing conditions, as well as a favorable determination by the United States Bankruptcy Court. Alta has
petitioned the United States Bankruptcy Court to hold an expedited hearing regarding the Motion to Dismiss on, or before,
Aug. 6, 1999.
There is no guarantee that the Motion to Dismiss will be granted, or that the sale will be consummated. In the event that the sale
does not take place as contemplated, there is also no guarantee that the company will be able to continue in operation.
Additional information will be provided in future news releases, as it becomes available.
This news release contains statements that may be considered forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995, such as management's expectations regarding its ability to obtain approval of the
Chapter 11 Bankruptcy Dismissal, to secure the above refinancing or to continue its business operations. Such forward-looking
statements are inherently uncertain, and the actual results may differ from management's expectations. Further information on
potential factors that could affect the financial condition and results of operations of Alta are included in the filings of Alta with
the Securities and Exchange Commission, including, but not limited to, Alta's annual report on Form 10-K for the fiscal year
ended Dec. 31, 1998, its report on Form 10-Q for the quarter ended March 31, 1999, and its report on Form 10-Q for the
quarter ended June 30, 1999, yet to be issued.
Contact:
Alta Gold Co., Las Vegas
Margo Bergeson, 702/433-8525 |
