Deadlines Set For Pegasus Ruling

Sat., Oct. 31, 1998

From Staff

Officers, employees, shareholders and creditors of Pegasus Gold Inc. will learn Dec. 7 what the future holds for the company and how much of a financial impact its reorganization will have on them.

A judge set out a timetable leading up to the final hearing that will culminate in final arguments Dec. 3 and 4 and the decision the following Monday.

That would be six weeks shy of one year since the Spokane-based company turned to the court for Chapter 11 protection.

Unrelenting low gold prices and unforeseen equipment problems at its Mt. Todd Mine in Australia left the company with a $512.8 million loss for 1997.

Pegasus wants to form a new company named Apollo Gold that consists of Pegasus Gold International along with its three profitable mines, Montana Tunnels and Diamond Hill in Montana and Florida Canyon in Nevada.

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Deadlines Set For Pegasus Ruling

Jesse Tinsley

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