(Adds details, shares)
Sept 4 (Reuters) – Avocet Mining said on Monday its subsidiary Societe des Mines de Belahouro (SMB), which operates the Inata gold mine in Burkina Faso, may file for insolvency after a loan repayment freeze with its creditors expired.
The boards of SMB and Avocet will meet on Sept. 8 to consider all available options, including the potential filing of an insolvency petition by SMB, Avocet said in a statement.
SMBs financial and trade creditors could not agree among themselves on an extension of the so-called standstill agreement, the company said.
Avocet shares fell more than 7.5 percent to 34.25 pence in early trading.
Given the current status of discussions, it is unclear whether agreement on a restructuring of t…
Read the full article at: https://www.reuters.com/article/avocet-mining-burkina/update-1-gold-miner-avocet-to-consider-insolvency-for-burkina-faso-unit-idUSL8N1LL0P9
