Englewood-based Midway Gold Corp. plans to file for Chapter 11 bankruptcy protection, officials for the mining firm said Monday.
The announcement comes just days after Midway officials said they would . Operations at the mine were suspended because of a revenue shortfall, officials said.
An undisclosed number of employees at the mine were laid off as a result.
Under Chapter 11, officials say the firm plans to restructure its business by selling non-core assets and “resolving various challenges” relating to the Pan Mine.
“The debtors believe that additional time and resources are necessary to successfully maximizing value at the Pan mine,” Midway officials said in the . “In its restructuring, Midway will be able to explore alternatives to strengthen the company, while addressing the challenges Midway has faced.”
The company will continue to operate its business as a “debtor in possession,” officials said.
Alicia Wallace: 303-954-1939, awallace@denverpost.com or twitter.com/aliciawallace
