Jaguar Mining advances court-supervised debt, equity restructuring plan

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TORONTO – Jaguar Mining Inc. (TSX:JAG) says it hopes to complete its court-supervised debt restructuring and share offering this month.

The gold miner said Monday that 100 per cent of its affected unsecured creditors voted in favour of the plan last week.

A court hearing to approve the plan is expected this week.

The restructuring calls for Jaguar to complete a $50-million share offering, backstopped by holders of its convertible debt, before emerging from court protection from creditors.

Its shares are listed on the Toronto Stock Exchange, but haven’t traded since Dec. 20, a few days before Jaguar announced it had sought protection under the Companies’ Creditors Arrangement Act

The TSX later announced Jaguar’s shares would remain suspended until being delisted on Feb. 10.

The company, which has operations in Brazil, said in December that it hoped to reduce its debt to $54 million from $323 million.

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