Quest Minerals & Mining's Subsidiary, Gwenco, Inc., Files for Chapter 11 Reorganization to Further Financial Restructuring Initiative Friday March 2, 12:46 pm ET
PATERSON, N.J.--(BUSINESS WIRE)--Quest Minerals & Mining Corp. (OTCBB: QMMG - News; Frankfurt: QMN.F - News), a Kentucky based operator of energy and mineral related properties, today announced that, as an additional step to further its financial restructuring initiative, Gwenco, Inc., its wholly-owned subsidiary, has filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code. Neither Quest nor any of its other subsidiaries were included in the filing.
Quest is continuing its efforts to rehabilitate the company's Pond Creek Mine at Slater's Branch, Kentucky and to recommence mining operations there. The reorganization is planned so that there will be no disruption of these efforts. The company intends to seek immediate court approval for debtor-in-possession financing from holders of its existing debt obligations in order to fund operating expenses.
Eugene Chiaramonte, Jr., President of Quest, stated, "Today we have taken an important step toward creating a stronger Quest. We have been conducting a financial restructuring over the last year in order to us to resume operations at the Pond Creek mine as Slater's Branch as well as pursue other energy related opportunities. We have already successfully renegotiated a significant portion of our outstanding debt.
"However, it has become apparent to us that this filing was necessary to protect our assets from claims, debts, judgments, foreclosures, and forfeitures of those creditors and stakeholders with whom we were unable to successfully negotiate restructured agreements. A formal reorganization should allow us to complete the financial restructuring process while we continue our efforts to rehabilitate the Pond Creek mine and recommence mining operations. We believe that by taking this action, we can restructure our financial obligations, obtain new financial resources, and emerge from this proceeding as a stronger company."
-------------------- A million seconds is 13 days. A billion seconds is 31 years.
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quote:Originally posted by trade04: fuzzy buys a stock that just filed chapter 11....lol
Yes I bought it for a bounce. Bought at .0068 and sold at .0084 for a nice profit. Whats wrong with that? You just have to time things rights thats all
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yrs ago this POS used to trade as high as 2.75!!!! but that was before folks knew just how scammy this co really is. Now they know which is why it tardes under a penny and most likely will remain that way til this thing gets its urn from ETIM lol
-------------------- Do not invest on any of my suggestions
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so where is it headed? back from where it came? .003 where it will sit until these buffoons figure out how to rig a PR to make their "company" believable once again "ya gotta believe, we are for real" lol
-------------------- Do not invest on any of my suggestions
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