KPMG appointed voluntary administrators of Jervois Global
ASX- and TSX-V-listed cobalt company Jervois Global has officially entered voluntary administration, with KPMG appointed as administrators on March 12. David Hardy and Gayle Dickerson of KPMG have been named as joint and several voluntary administrators of Jervois and its subsidiaries, which include key assets in Finland, the US, and Brazil.
Jervois operates a cobalt facility in Finland, a nonoperational cobalt mine in the US, and a nonoperating nickel/cobalt refinery in Brazil.
The appointment follows a confirmation order from the US Bankruptcy Court for the Southern District of Texas last week, approving the Chapter 11 plan of reorganisation for Jervois Texas, and several debtor subsidiaries.
The filing of the Chapter 11 cases in January marked the beginning of this restructuring process. The restructuring support agreement, established with Jervois’ lender Millstreet Capital Management, outlines a proposal under which Millstreet intends to submit a Deed of Company Arrangement proposal to the administrators.
KPMG Australia’s Ian Sutherland, Partner in the firm’s turnaround and restructuring services, commented that the immediate focus of the administrators was to ensure continuity of the underlying operations of the companies.
"The companies intend to operate on a business-as-usual basis and do not envisage any changes to the various operations of the companies," said Sutherland.
Further, KPMG has invited interested parties to submit proposals for the sale or recapitalisation of the companies, with specific interest requested for the mining tenements associated with the Nico Young nickel/cobalt project in Young, New South Wales, Australia. Submissions for these tenements must be received by 5:00pm AEDT on March 19, 2025.
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