Toronto-based underwater mineral exploration company Nautilus Minerals has obtained an order of the Supreme Court of British Columbia sanctioning and approving the plan of compromise and arrangement among certain of the company’s subsidiaries and their unsecured creditors.
The approval follows previous creditors’ consent to go forward with the restructuring plan.
Nautilus Restructuring Entities have been authorized to take all actions necessary to implement the plan.
PricewaterhouseCoopers has been appointed as monitor to do all things required to facilitate the implementation of the restructuring plan and the completion of the transactions related to the plan.
If the conditions precedent to the plan are met or waived, then, upon completion and implementation of the acquisition agreement between the company and Deep Sea Mining Finance, Nautilus will have effectively no assets and will be liquidated.