Trilon withdraws royal oak loan
Article Abstract:
Trilon Financial Corp. has cut off its emergency loan to insolvent Royal Oak Mines Ltd. following reports that Royal Oak has made $1.2-million in unauthorized payments. The payments were C$587,964 for the executive insurance, $468,737 for employee benefits plan and $181,900 to a Trilon affiliate for equipment leases. Trilon, which is Royal Oak's biggest creditor, has agreed to lend the company C$8.4 million in emergency loan to keep Royal Oak operating for one month while management prepared a restructuring program.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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Go-ahead sought on Bre-X class-action suit
Article Abstract:
An Ontario court hearing Feb 1, 1999, will decide on the approval of a class-action lawsuit against Bre-X Minerals Ltd following the company's fraudulent claim of a gold property in Indonesia. Company investors seek to recover around $3 billion in the case against current and former Bre-X officials and several brokers and mining analysts. The defendants have denied the allegations and are seeking a dismissal of the lawsuit.
Publication Name: Globe & Mail (Toronto, Canada)
Subject: News, opinion and commentary
ISSN: 0319-0714
Year: 1999
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