Apex Silver Mines

Apex Silver Mines, founded by Thomas Kaplan, from Denver, Colorado was a US-American transnational mining corporation with a tax haven address in the Cayman Islands.

Since its start in 1993, Apex Silver Mines Ltd. had become an exploration and development company and producer of silver, zinc and lead.

Surely something should be said about the terrible loan agreement for San Cristobal and the horrible hedging scheme that ultimately bankrupted the company to the benefit of the bank and the company officers. Ordinary shareholders were wiped out, with no recourse.

On January 12, 2009, Apex Silver and its wholly owned subsidiary, ASMC, filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code with the Bankruptcy Court. The Plan was approved by the Bankruptcy Court on March 4, 2009. In connection with Apex' emergence from bankruptcy as a newly formed Delaware corporation named Golden Minerals Company, Apex sold their 65% interest in the San Cristóbal mine to Sumitomo but continue to operate the San Cristóbal mine. Golden Minerals also continue to own and explore their broad portfolio of exploration properties. Golden Minerals emerged from Apex Chapter 11 on March 24, 2009. Under the Plan, all of the assets of Apex Silver, other than a small cash reserve for the payment of liquidation expenses, were transferred to Golden Minerals Company, a Delaware corporation that is Apex Silver’s successor, who emerged from Chapter 11 on March 24, 2009. Apex Silver was being liquidated in accordance with Cayman Islands law. Golden Minerals is virtually the same company as Apex, but without being the owner of San Cristóbal and without the debt. Golden Minerals resides in Golden, Colorado. Golden Minerals owns and controls a large number of exploration properties located primarily in the high potential mining districts in Latin America, including the feasibility stage El Quevar Project in northern Argentina.

[1] [2] [3]

Apex Mines

Formerly, Apex owned twelve properties:

References

  1. ↑ http://www.goldenminerals.com/ir_apex.php
  2. ↑ http://www.goldenminerals.com/corp_profile.php
  3. ↑ http://www.mineweb.com/mineweb/view/mineweb/en/page32?oid=80866&sn=Detail

External links


This article is issued from Wikipedia - version of the Monday, December 29, 2014. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.