Northland Resources files for bankruptcy

Major European iron ore concentrate producer Northland Resources has announced that it will file for bankruptcy. Since the process of the contemplated financing solution was not successful, the board of directors has concluded that the conditions for a continued reorganization do not exist and that the prerequisites for bankruptcy are at hand.
 
As of Friday, December 5, all trading of the company's shares and bonds have been halted. Since the company and its subsidiaries will file for bankruptcy, the company has asked for trading not to be resumed.
 
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.