Colossus Minerals Inc. (“Colossus”) and its subsidiaries are a development stage mining enterprise. Colossus’ principal asset is its 75% indirect interest in the Serra Pelada mine, located in Brazil.
After spending significantly on exploration and development, Colossus faced a liquidity crisis that prevented it from bringing its mine into production. Colossus commenced restructuring proceedings with the objective of recapitalizing through a proposal and plan of reorganization or a sale. As trustee appointed in the Colossus proposal process, we developed a proposal with Colossus and its advisors to convert Colossus’ liabilities into equity. The proposal was accepted by the creditors and approved by the Court.