Tuesday, September 25, 2007

200 Baffinland Iron Mines Workers Almost Without Winter Supplies Because of ABCP

Baffinland Iron Mines Corp. almost missed its window to ship provisions to 200 workers in the Arctic before winter arrives. The company ran out of money to pay for food, fuel and drilling equipment due to its unpaid ABCP. Without the money, the company had to arrange an emergency line of credit before shipping lanes froze over.

The company had $43.8 million frozen invested in commercial paper with Coventree and others.

Source Bloomberg.

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