Miner Mercator to try restructuring, files for creditor protection

Tue Aug 26, 2014 9:28am EDT
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TORONTO Aug 26 (Reuters) - Small base metal miner Mercator Minerals Ltd said on Tuesday it had filed for protection from its creditors in Canada and the United States after failing to settle with some lenders.

Mercator said it had filed a notice of intention to make a proposal under the Canadian Bankruptcy and Insolvency Act, the first stage of restructuring under the law, and part of a process that could let it avoid bankruptcy.

Four subsidiaries have also filed Chapter 11 bankruptcy petitions in the United States.

(Reporting by Allison Martell, Editing by Franklin Paul)