Financially beleaguered Breakwater Resources (TSE) and Banque Indosuez are seeking to restructure the terms and conditions of the Swiss franc bonds issued by Breakwater in 1987.
Banque Indosuez is acting as agent for the restructuring of Breakwater’s Swiss franc bonds (valued at about $36 million). Details of a proposal to be made to the bondholders will be released shortly.
Breakwater’s tenuous financial position relates to several new mining ventures that did not prove to be economic and were closed. The company still operates its El Mochito base metal mine in Honduras, and has a 49% interest in the producing Cannon gold mine in Washington State operated by partner Asamera Minerals.
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