Campbell files proposal to creditors

Campbell Resources (CCH-T, CBLRF-O) has filed a plan of arrangement to get out of creditor protection, and creditors are to vote on the plan on June 26.

The company, which put itself into protection under the Companies’ Creditors’ Arrangement Act in June of last year, recently concluded a financing agreement with Sprott Securities and Nuinsco Resources (NWI-T, NUIRF-O). The deal would raise $10 million and $4 million of the cash would be used to clear off the current liabilities.

The plan needs approval from holders of two-thirds of the value of the company’s debts. If it gets that approval, the approval of the bankruptcy court is usually quick. The financing is conditional on Campbell’s emergence from creditor protection.