Reported about 1 year ago
US hedge fund Elliot Investment Management has extended assistance to Nevada Copper Corp, a Canadian miner facing financial difficulties after filing for bankruptcy protection. In order to facilitate the Chapter 11 restructuring, Nevada Copper agreed to borrow up to $60 million from affiliates of Elliott. Despite the bankruptcy, the mining industry remains optimistic about copper's prospects, even though prices have fluctuated. Elliott's involvement and the future of Nevada Copper's operations are pending court approvals.
Source: YAHOO