timing 16 Mar 2015 06:44
i notice this was written on the 12th with a proposal deadline being the 13th. perhaps what is below was drafted before Fridays RNS
'Talvivaara's subsidiary, which owns the company's mining assets, applied for bankruptcy protection last year following a drop in nickel prices, repeated production disruptions and environmental damage.
According to the agreement, a consortium led by Audley will take an 85 percent stake in the subsidiary, while the Finnish government will own 15 percent.
The price of the deal was not disclosed, but Finland said the owners are planning to inject about 200 million euros ($212 million) to restart the mine in the north of the country.
However, the restructuring of the listed parent company Talvivaaran Kaivososakeyhtio Oyj is continuing, with a March 13 deadline for a debt restructuring proposal.
"With the only asset of the company sold, the probability of (listed) Talvivaara going bankrupt is 90 percent. That company is no longer viable," said Nordnet's equity strategist Jukka Oksaharju.
"At Nordnet alone we have about 15 000 investors who have put money into Talvivaara shares. They will lose it all in a bankruptcy," Oksaharju added.
He said it also looked as though the Finnish government was keen to bring in new management to Talvivaara.'