Troubled Nautilus plans restructure

Troubled Canadian company, Nautilus Minerals, is calling a meeting of creditors over a planned transfer of assets and debt to a company called Deep Sea Finance Ltd.

Nautilus, which has plans to mine the ocean floor in Papua New Guinea's Bismarck Sea, is in bankruptcy protection in Canada.

It has won court approval from the Supreme Court of British Columbia for the changes.

The creditors have been invited to a meeting on 13 August where they will be asked to approve the plan.

Source: Radio New Zealand

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