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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (31053)	1/12/2009 12:23:56 PM
From: LoneClone	Read Replies (1) of 194000

Apex Silver plans to file bankruptcy this week Monday January 12, 11:05 am ET ca.us.biz.yahoo.com Apex Silver Mines reaches agreement with note holders on bankruptcy reorganization plan DENVER (AP) -- Precious metals miner Apex Silver Mines Ltd. said Monday it has reached an agreement with the company's short-term debt holders on its plan of reorganization under Chapter 11. The Cayman Islands-based company said it could file for Chapter 11 bankruptcy protection as early as Monday. These holders of 43 percent of the company's $290 million convertible subordinated notes have the option to reject or accept the reorganization plan. If they accept the plan, senior creditors -- whose credit is guaranteed by a financing facility on the San Cristobal silver, zinc and lead mine located in southwestern Bolivia -- will waive their senior claims, allowing holders of convertible subordinated notes to receive a pro rata share of about $45 million in cash plus common stock of the reorganized company. However, if the class of convertible subordinated note holders rejects the proposed plan, the class would receive an allocation of cash only after senior creditors receive their full payment. The note holders will receive common stock of the reorganized company, with no guarantees of receiving any cash distributions. The completion of the proposed plan of reorganization depends on a number of conditions, including approval by the bankruptcy court or a disclosure statement related to the plan and the closing of the sale of the company's interest in the San Cristobal mine and related assets to Sumitomo Corp. Shares of Apex fell six cents, or 8.5 percent, to 65 cents in morning trading. The stock has lost about 96 percent of its value over the past year.

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