Pacific Coal Resources Ltd. Announces Application by a Subsidiary for Creditor Protection
TORONTO, ON / ACCESSWIRE / January 5, 2016 / Pacific Coal Resources Ltd. (PAK.V) announces that a wholly-owned subsidiary of the Company, Carbones Colombianos del Cerrejon S.A.S. (CCC), has filed for creditor protection under the Reorganization and Asset Law Protection (Law 1116 of 2006) in Colombia. CCC holds the mining title and rights to La Caypa mine.
The application was submitted to "Superintendencia de Sociedades" for review and approval. By entering into this process, CCC expects to restructure the payment conditions of its liabilities according to its forecasted future income.
The Company is looking forward to a response from the Superintendencia with respect to the application during the first half of 2016.
About Pacific Coal Resources Ltd.
Pacific Coal Resources Ltd. is a Canadian-based mining company engaged in the acquisition, exploration and production of coal and coal-related assets from properties located in Colombia. The Company's common shares are listed on the TSX Venture Exchange and trade under the symbol "PAK".
For further information, please contact:
Melissa Krishna
Deputy General Counsel & Secretary
(416) 360-8725
Forward Looking Information:
This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to the future financial or operating performance of the Company and its projects. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Pacific Coal to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Forward-looking statements contained herein are made as of the date of this press release and Pacific Coal disclaim, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE: Pacific Coal Resources Ltd.
