This event has significant implication to the people of Rapu-Rapu, the whole
The first implication is that operationally,
In the words of a priest, Fr. Archie Casey, “What an indictment of the government's ‘flagship’ mining project... and all those who have ‘stonewalled’ over the intervening period, to the detriment of the inhabitants of
The timing of the meeting was deftly calculated. It was done during Holy Week to subdue the news and its impact.
§ The Deed Administrators will endeavour to maintain the corporate shell in order that it can be sold (subject to shareholder meetings approving the restructuring);
§ The Deed Administrators will undertake a sale process and invite expressions of interest to recapitalise the corporate shell;
§ The Deed Administrators will create a fund (''the Fund") for the payment of participating creditors' claims. The Fund shall comprise the realisation, and conversion to cash, of all assets of the Company plus any amount received from the sale of the corporate entity.
The DOCA would allow for the sale of the corporate shell, which may generate a return for creditors. A sale of the corporate shell would not be available to a liquidator.
The Save Rapu-Rapu Alliance rejoices over this victory. Nevertheless, we are not letting our guards down. We continue our vigilance. The mine has to be closed for good. Rehabilitation of the damaged areas must be done by
SAVE RAPU-RAPU ALLIANCE (SARA)
March 31, 2008