Vast Resources plc, the AIM-listed mining company, is pleased to announce that further to the announcement of 21 October 2024, the reorganisation of Vast Baita Plai SA, the Company’s wholly owned Romanian subsidiary that holds the Baita Plai association licence, continues to progress favourably following the previously announced court hearing held earlier today.
Today’s court hearing involved the Company’s Judicial Administrator presenting the rejected creditors and arguing the merits for rejecting any creditors from the initial creditors table, as well as presenting the progress made since entering reorganisation, and the initial step plan for the reorganisation. To date, the reorganisation has made it possible to reduce the labour force, to redraw labour contracts and work practices, and at the same time obtain up to four years repayment terms for its accrued debts and eliminate nuisance claims.
Following this successful court hearing, the next court hearing has been scheduled for 3 April 2025 and will involve the Judicial Administrator providing further updates to the court about the progress of the reorganisation.
Further updates will be provided as appropriate in due course.
