Elliott-funded Avocet goes into administration

Image courtesy of Avocet Mining

Gold miner Avocet Mining Plc on Wednesday appointed Paul Williams and Geoffrey Bouchier from Duff & Phelps Ltd as joint administrators, as it started its insolvency process.

The appointments, effective Aug. 21, come a few months after the struggling gold miner said its board proposed voluntary liquidation of the company as it faced mounting debt.

Last week, the West Africa-focussed miner said it would pursue a formal insolvency process by appointing administrators to the company, but also remained open to exploring “viable funded investment opportunities”.

However, no investment proposals were received, said the miner, which has been relying on loans from hedge fund Elliott Management Corp.

(By Samantha Machado; Editing by Shounak Dasgupta)

788 0

Comments

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.