Cline Mining Corporation Completes Recapitalization Transaction

Goodmans represented Cline Mining Corporation (Cline) in the completion of a recapitalization and refinancing transaction that included the conversion of $110 million of secured debt into new common shares, the issuance of $55 million of new secured debt and the settlement of significant class action claims under The US Worker Adjustment and Retraining Notification Act (US Warn Act).

The recapitalization was completed pursuant to a plan of arrangement under the Companies' Creditors Arrangement Act, with the cross-border proceedings under Chapter 15 of the US Bankruptcy Code.  The recapitalizaiton has allowed Cline to remain a unified corporate enterprise which significantly reduced its indebtedness.

Cline Mining Corporation is a publicly-traded Toronto-based mining and resouces company.