Atlantic managing director and chairman Michael Minosora has resigned from the company after a horror year for the vanadium and iron ore producer.
Atlantic has been forced to take on high-interest debt funding from its major shareholder, Droxford International, on a number of occasions throughout the past year after a number of operational issues hampered production at its Windimurra vanadium project near Mount Magnet.
The company disclosed last year that its subsidiary, Midwest Vanadium, had breached a covenant on its secured notes facility as a result of the balance of the interest reserve account falling below the $US5 million minimum holding requirement.
Its problems were exacerbated last month when a major fire destroyed part of the Windmurra vanadium plant, with combined material damage and business interruption costs from the fire estimated to be in the vicinity of $100 million.
The company had some better news this week, however, when it flagged that it had negotiated a standstill arrangement with the majority of its noteholders as it works towards a restructure.
"Michael has played a key role in the acquisition, construction and commissioning of the Windimurra project and has led the discussions that have successfully put in place a new funding facility for the company."