Mercator Minerals Limited (TSX:ML) has filed a notice of intention to make a proposal under the Canadian Bankruptcy and Insolvency Act. Several interested parties have delivered proposals that the Mercator Board of Directors believe would be in the best interest of all stakeholders. The proposals have been shared with the Mineral Park Inc.'s lenders.

Unfortunately, the lenders did not constructively engage with the company or its financial advisor. Once the notice of intention has been filed the company will be granted up to an initial 30 days of protection from its creditors to enable the Company to pursue the option of a proposal. Deloitte Restructuring Inc. has been appointed as the trustee in the company's proposal proceedings and in that capacity will monitor and assist the company in its restructuring efforts.

Mineral Park lenders will engage an investment bank for a stand-alone sale of Mineral Park.