Alta Gold Co. Conversion to Chapter 7 Liquidation Is Continued.Business Editors LAS VEGAS--(BUSINESS WIRE)--April 6, 2000 Alta Gold Co., debtor- in-possession (Pink Sheets:ATGDQ) (hereinafter here·in·af·ter adv. In a following part of this document, statement, or book. hereinafter Adverb Formal or law from this point on in this document, matter, or case Adv. 1. "Alta" or the "company"), at its most recent Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. hearing, on March 30, 2000, asked the Bankruptcy Court to defer de·fer 1 v. de·ferred, de·fer·ring, de·fers v.tr. 1. To put off; postpone. 2. To postpone the induction of (one eligible for the military draft). v.intr. ruling on the company's motion to convert its case to a Chapter 7 liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy case. This request was made to allow the company and certain of its secured creditors One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. additional time to attempt to prepare a definitive agreement to complete the liquidation of the company's assets and to reclaim the company's mining properties, on an orderly wind-down basis. The Bankruptcy Court agreed to defer ruling on the motion until April 24, 2000, at which time it will also review the definitive agreement. If the definitive agreement is approved by the Bankruptcy Court, the company may at that time ask that the Bankruptcy Court continue to defer for several more months its ruling on the company's motion to convert. In conjunction with the company's request to defer ruling on the motion to convert, the company also filed a motion with the Bankruptcy Court to have John Bielun, the company's chief financial officer and most senior remaining employee, to be designated as the responsible individual for meeting the duties of the company as a debtor-in- possession. |
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