Pegasus Trades On Montreal Exchange
Pegasus Gold Inc. on Friday announced its stock has resumed trading on the Montreal Exchange.
The Spokane-based company’s trading was halted on Jan. 22, about a week after it filed for voluntary Chapter 11 reorganization.
The American Stock Exchange, meanwhile, has not reopened trading on Pegasus shares, which were discontinued after the bankruptcy announcement on Jan. 16. Pegasus filed for creditor protection because of a debt load of about $213 million. John W. Pearson, vice president of investor and public relations for Pegasus, said the American Stock Exchange would relist Pegasus stock if a reorganization plan is successful.
While that plan is being constructed, mining operations are continuing at the Montana Tunnels, Diamond Hill and Florida Canyon mines. Pegasus has reported cash reserves of $29 million, which the company said is expected to meet its cash requirements for this year.