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Pershing Gold Corp (NASDAQ:PGLC) has had its fair share of skeptics. I hope that skeptics are falling silent. Why? Look no further than the demise of Allied Nevada and Midway Gold (MDWCQ). By no means did I forecast that either would fail. However, with 20/20 hindsight, each relied to heavily on debt or debt-like capital. As a reminder, Pershing Gold
Approximately $350 of rated debt affected. New York, March 10, 2015-- Moody's Investors Service, downgraded Allied Nevada Gold Corp.' s corporate family and senior unsecured ratings to Ca from Caa1, and ...
U.S.-based gold miner Allied Nevada Gold Corp filed for bankruptcy protection on Tuesday, buckling under a heavy debt load amid weaker metal prices. Allied Nevada, which owns the Hycroft open pit gold and silver mine in Nevada, said in a statement it was filing to restructure its debt, which stood at $543 million at the end of September. Allied Nevada's biggest shareholder is Van Eck Associates, with a stake of 5.65 percent at the end of December, according to Thomson Reuters data. The California Public Employees' Retirement System owns 2.3 percent of the company and Paulson & Co Inc. 1.2 percent.