Cliffs Seeks Creditor Protection for Quebec Iron Ore Mine
By Tim Loh - 27/gen/2015 19:23:55
Cliffs Natural Resources Inc. (CLF ▼ -1,39% 7,12), the largest U.S. iron ore producer, said it’s seeking creditor protection in Canada for its Bloom Lake operations in Quebec after being unable to find a buyer.
Bloom Lake General Partner Ltd. and certain affiliates started restructuring proceedings in Montreal under Canada’s Companies’ Creditors Arrangement Act, Cliffs said in a statement on Tuesday.
Cliffs has suspended production at Bloom Lake amid a slump in iron ore prices and for several months has been looking at options to sell some of its Canadian assets.
The Cleveland-based company purchased Bloom Lake as part of a $4.3 billion takeover of Consolidated Thompson Iron Mines Ltd. in 2011.
To contact the reporter on this story: Tim Loh in New York at [email protected]
To contact the editors responsible for this story: Simon Casey at [email protected] Steven Frank
More articles on New York
By Tim Loh - 27/gen/2015 19:23:55
Cliffs Natural Resources Inc. (CLF ▼ -1,39% 7,12), the largest U.S. iron ore producer, said it’s seeking creditor protection in Canada for its Bloom Lake operations in Quebec after being unable to find a buyer.
Bloom Lake General Partner Ltd. and certain affiliates started restructuring proceedings in Montreal under Canada’s Companies’ Creditors Arrangement Act, Cliffs said in a statement on Tuesday.
Cliffs has suspended production at Bloom Lake amid a slump in iron ore prices and for several months has been looking at options to sell some of its Canadian assets.
The Cleveland-based company purchased Bloom Lake as part of a $4.3 billion takeover of Consolidated Thompson Iron Mines Ltd. in 2011.
To contact the reporter on this story: Tim Loh in New York at [email protected]
To contact the editors responsible for this story: Simon Casey at [email protected] Steven Frank
More articles on New York