Crystallex has commenced a proceeding under chapter 15 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware in order to ensure that relevant CCAA orders are enforced in the United States. Many stock brokers recommended CRYXF to their clients as an undervalued mining company that is poised for a big jump. This investment may not have been suitable for conservative investors. If your stock broker recommended a significant investment into Crystallex recently you may be able to recover some or all of your investment losses.
On December 23, 2011, Crystallex received an initial order from the Ontario Superior Court of Justice granting CCAA protection until January 21, 2012. Proceedings by creditors cannot be continued or commenced without the consent of the Company and Ernst & Young Inc. (the Monitor) or leave of the Court. The Court extended the stay until March 23, 2012. The Court approved the terms of an interim bridge loan for Crystallex in the amount of US$3.125 million. The bridge loan is a secured, short term loan, due the earlier of April 16, 2012 or the first draw on a debtor-in-possession (“DIP”) financing facility, and is intended to provide the Company with working capital while it continues to pursue DIP financing and progress its arbitration claim.
Crystallex International Corporation is a Canadian based mining company, with a focus on acquiring, exploring, developing and operating mining projects. Crystallex has operated an open pit mine in Uruguay and developed and operated three gold mines in Venezuela.
Call (888) 760-6552 if your stock broker recommended you purchase Crystallex CRYXF.