where exit facility lenders insisted
1129, the Ad Hoc Committee seek relief from a bankruptcy plan they allege was a visionary scheme proposed in bad faith1. Pursuant to the Allied Nevada's financial projections exhibited in their Amended Disclosure Statement the reorganized miner was to obtain $985 million in financing to expand operations at the Hycroft mine, via a strategic transaction projected to take place on January 1st, 2016.9 Not surprisingly, no such transaction ever took place. Instead, within months of failing to secure the projected 'strategic transaction' the company retained Goldman Sachs to assist them with a "strategic alternative".10 Even with the precious metals mining sector on fire last summer, Hycroft Mining Corp threw in the towel on the projected financing to seek a strategic alternative, but why? Why didn't the restructured miner obtain financing in a business friendly environment that saw the price of precious metals exceeding all disclosed projections? Was it because th...