First Nickel restructures debt, bypassing shareholders’ OK

Apr 08, 2013 | 01:32 PM | Daniel Fitzgerald

Tags  First Nickel, nickel production, TSX, Bank of Nova Scotia, refinancing, restructuring, financial difficulty, Daniel Fitzgerald

NEW YORK — First Nickel Inc. has completed its debt restructuring, bypassing the usual 50- to 60-day waiting period to gain shareholder approval due to the company’s "serious financial difficulty."

The company recently announced a refinancing plan involving an increase in the principal amount of its revolving credit facility with the Bank of Nova Scotia (BNS) to $15 million from $10 million, as well as extending the maturity date to March 30,....

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