Nordic Mining secures creditor support for emergency financing
Nordic Mining has gained majority support from bondholders for a revised financing package to stabilize its Engebø subsidiary.
Nordic Mining ASA has received support from holders of over two-thirds of the voting bonds in its subsidiary, Engebø Rutile and Garnet AS (ERG), regarding proposed emergency financing and amendments to existing debt structures. The agreement covers both bond arrangements and royalty payment terms, addressing critical liquidity constraints.
The development follows weeks of negotiations aimed at resolving the financial shortfall impacting the Engebø project. By restructuring these obligations, the company aims to avoid default scenarios and provide a bridge for operational continuity.
Finalizing these agreements remains the priority for Nordic Mining as it navigates ongoing fiscal pressure. The company expects these changes to provide a clearer path forward for the subsidiary’s project status, following several weeks of reporting on its precarious financial position.