Northland Resources’ bankruptcy approved

Major European iron ore concentrate producer Northland Resources has announced that the bankruptcy filing of its parent company has been approved by the Luxembourg District Court.
 
In early December, the company decided to file for bankruptcy when the board of directors concluded that the conditions for a continued reorganization ddi not exist since the process of the contemplated financing solution was not successful.
 
In October, the company halted operations indefinitely, as a consequence of its extremely constrained liquidity, further deteriorated by declining iron ore prices, and the company was forced to give most of its employees a notice of termination.