Copper Investing News » First Metals Inc. Receives Indenture Default and Interest Forbearance from Majority of Bond Holders

First Metals Inc. Receives Indenture Default and Interest Forbearance from Majority of Bond Holders

August 31, 2010 @ 6:16 pm In Copper Company News

First Metals Inc. (TSE:FMA) announced that the Corporation has received a forbearance from the majority of bond holders until November 1st, 2010 allowing debt restructuring discussions to progress and continued discussions with Kaskattama Inc.

The press release is quoted as saying:

First Metals Inc. is a resource company with two main Zinc-Copper deposits, Fabie Bay and Magusi River. Fabie Bay was producing until December 2008 when production was suspended. The company filed a proposal under Part III of the Bankruptcy and Insolvency Act in April 2009.

Click here to access the entire press release ^[1]

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URL to article: http://copperinvestingnews.com/3400/first-metals-inc-receives-indenture-default-and-interest-forbearance-from-majority-of-bond-holders/

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[1] Click here to access the entire press release: http://www.marketwire.com/press-release/First-Metals-Inc-Receives-Indenture-Default-Interest-Forbearance-from-Majority-Bond-TSX-FMA-1311994.htm