Bens Creek Group Plc (GB:BEN) has released an update.
Bens Creek Group plc, a metallurgical coal mine owner, has been notified of a default on its $7.57 million loan due to non-payment of royalties and its US subsidiaries’ Chapter 11 bankruptcy proceedings. While not seeking immediate redemption, the lender ACAM LP requests further information as Bens Creek faces court hearings for a new financing facility and has a cash runway only until mid-May 2024. The company assures it can cover short-term obligations but will make further announcements regarding its financial status.
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