Royal Oak creditors challenge payment deal

Article Abstract:

Royal Oak Mines Inc of Kirkland, WA, will be sued by creditors who are questioning the company's agreement with major lender Trilon Financial Corp of Toronto, Ontario. Despite having already filed liens worth C$17 million against the company's Kemess mine in British Columbia, the creditors said they are being discriminated against in favor of Trilon, the single biggest lender to Royal Oak with $120 million in extended loans. Pending permission from court, the agreement with Trilon allows Royal Oak to tap all of a C$34.7 million credit facility provided by Trilon.

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Troubled Royal Oak heads back to court

Article Abstract:

Royal Oak Mines Inc. is seeking court protection to prevent its creditors from putting the company into receivership. The company said that it wants until Apr 15, 1999, to seek a deal that would enable it to continue operations, and to prepare a financial restructuring plan. Royal Oak is also asking permission to have access to C$12 million from a C$34.7-million debtor-in-possession loan provided by its lender, Trilon Financial Corp.

Gold mining

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