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United Silver

United Silver Corp. (“USC”) was a vertically integrated Canadian mining company with operations in Idaho, USA. It had an 80% interest in the Crescent Silver Mine project in the Silver Valley’s prolific Silver Belt - directly between two of the district’s historically largest silver producing properties, the Sunshine and Bunker Hill mines. The Crescent Mine required a costly dewatering program to prevent flooding – by late 2013, USC no longer had liquidity to fund these and other maintenance costs.

In December 2013, we were engaged by USC’s principal economic stakeholder to prepare a valuation of the Crescent Mine. Thereafter, in January 2014, USC’s secured creditor, HUSC, LLC applied to the court for our appointment as receiver and manager of USC.

As Receiver, our team effected corporate governance changes in certain of USC’s subsidiaries to facilitate the appointment of an operator of the mine, following which HUSC funded the Crescent Mine and the dewatering process. The receivership and implementation of the corporate governance changes also facilitated a sale of the business and assets.

  • Kellogg, ID
  • Advisory; Receivership
  • Advisory; Receivership
  • Mining

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