Pharma Investments, Ventures & Law Weekly
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Birch Mountain Resources Ltd.
Birch Mountain announces receipt of notice of intention
November 23rd, 2008
Birch Mountain Resources Ltd. ("Birch Mountain" or the "Corporation") (BMD: TSX) announces that it has received a demand for repayment of its loans from its principal secured creditor, Tricap Partners Ltd. ("Tricap"), together with a notice of intention to enforce security pursuant to section 244 of the Bankruptcy and Insolvency Act. Birch Mountain is unable to repay its indebtedness to Tricap at this time. It is expected that Tricap will begin enforcement proceedings this week. Whether or not a receiver will be appointed and whether or not such a receiver would continue the business operations of the Corporation is not known. Members of the board and management have...
Source: Pharma Investments, Ventures & Law Weekly (2008-11-23)
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