Great Panther has also placed its Tucano gold and silver mine in Brazil in care and maintenance while its local subsidiary undergoes a court-supervised arrangement with its creditors.
The Brazilian unit, Mina Tucano, and its shareholders filed on Wednesday for what is referred to as a judicial reorganization in the judicial district of Rio de Janeiro.
Under the reorganization process in Brazil, the subsidiary and its shareholders will remain in possession of their assets as well as maintain control and manage the business, while it attempts to restructure operations.
The Vancouver-based company is exploring its options while continuing to operate the business but warned that a failure to achieve its restructuring goals through an approved proposal would result in bankruptcy.
The delisting review from the Toronto exchange is scheduled for September 16. The South America-focused miner has also received noticed from New York that…
