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Obbligazioni societarieHIGH YIELD e oltre, verso frontiere inesplorate - Vol. 1
Cliffs Natural said to put Quebec, Labrador assets up for sale next month• 2:19 PM Carl Surran, SA News Editor
Cliffs Natural Resources (CLF+4.2%) is expected to put assets in Quebec and Labrador up for sale next month as part of a court-supervised exit from eastern Canada, Financial Post reports.
CLF's subsidiaries, which filed for creditor protection in January, reportedly are seeking a Quebec court’s permission to solicit interest next month in the Bloom Lake mine, Wabush mine and related port and rail assets in Quebec and Labrador.
Parties interested in the assets would be required to submit non-binding letters of intent by May 19, according to the report.
CLF has said the court process would buy the owners time to explore restructuring and sale options, and it also may protect the company from $700M of closure costs, mainly from three years of obligation to the Quebec North Shore and Labrador Railroad.