Troubled Mongolian coal company, Mongolian Mining Corp., has been informed by lawyers for its creditors that BNP Paribas Singapore Branch, one of its lenders, has submitted an application for its liquidation.
The application has been submitted to the Grand Court of the Cayman Islands, where Mongolian Mining Corp. is incorporated, for processing.
The agreement with BNP Paribas Singapore Branch dates back to 2014, when Mongolian Mining Corp. entered into a loan agreement with that bank and Industrial and Commercial Bank of China.
Mongolian Mining Corp. has yet to receive any official notice in relation to the petition from the Cayman Court.
Read the article online at: https://www.worldcoal.com/coal/11072016/mmc-faces-liquidation-2016-2003/