To enable the Company to continue operations during the reorganization process, the Company received commitments for
In conjunction with the Chapter 11 filing, the Company will file a number of customary motions with the
In addition, the Company announced that
The Company also received a letter from the
The OTC Pink Open Market also halted trading in the Company's common stock on
Additional Information
Court filings and other documents related to the court-supervised process are available at https://cases.stretto.com/generalmoly, or by calling the Company's claims agent, Stretto, at (855) 435-7795 (toll-free) or (949) 358-6802 (international) or by sending an email to TeamGeneralMoly@stretto.com.
About
Molybdenum is a metallic element used primarily as an alloy agent in steel manufacturing. When added to steel, molybdenum enhances steel strength, resistance to corrosion and extreme temperature performance. In the chemical and petrochemical industries, molybdenum is used in catalysts, especially for cleaner burning fuels by removing sulfur from liquid fuels, and in corrosion inhibitors, high performance lubricants and polymers.
Contact:
(303) 928-8591
info@generalmoly.com
Website: www.generalmoly.com
Forward-Looking Statements
Statements herein that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act, as amended and Section 21E of the Securities Exchange Act of 1934, as amended and are intended to be covered by the safe harbor created by such sections. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to the Company's ability to successfully complete a reorganization process under Chapter 11, including: consummation of the financial restructuring; potential adverse effects of the Chapter 11 filing on the any additional strategies the Company may employ to address its liquidity and capital resources; the Company's ability to obtain timely approval by the bankruptcy court with respect to the motions filed in the Chapter 11 case; objections to the Company's financial restructuring, DIP financing, or other pleadings filed that could protract the reorganization process; employee attrition and the Company's ability to retain senior management and other key personnel due to the distractions and uncertainties; the Company's ability to comply with the restrictions imposed by the terms and conditions of the DIP financing and other financing arrangements; the Company's ability to maintain relationships with employees and other third parties and regulatory authorities as a result of the Chapter 11 filing; the effects of the Chapter 11 filing on the Company and on the interests of various constituents, including holders of the Company's common stock; the bankruptcy court's rulings in the Chapter 11 case, including the approvals of the terms and conditions of the financial restructuring and the DIP financing, and the outcome of the Chapter 11 case generally; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 case; risks associated with third party motions in the Chapter 11 case, which may interfere with the Company's ability to consummate the financial and organizational restructuring or an alternative restructuring; increased administrative and legal costs related to the Chapter 11 process; potential delays in the Chapter 11 process due to the effects of the COVID-19 virus; and other litigation and inherent risks involved in a bankruptcy process. For a detailed discussion of risks and other factors that may impact these forward looking statements, please refer to the Risk Factors and other discussion contained in the Company's previous quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the
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