The administrators of Monarch Gold Mining Company Ltd have received over 80 expressions of interest for the company's assets, with the applicants to be narrowed down in the coming weeks.
In an update notice to shareholders today, Pitcher Partners said they will be exploring all options in respect of Monarchs assets, including restructuring proposals and the sale of individual assets.
In July, Monarch appointed Bryan Hughes and Christopher Munday as voluntary administrators following the suspension of operations at its Davyhurst gold mine due to continued underperformance.
The company also owes $24 million to Territory Resources Ltd while external creditors related to the Davyhurst operation are owed about $12 million.
Earlier this month a deed of company arrangement (DOCA) was executed, which keeps insolvent companies out of liquidation while decisions are made as to whether they should be reorganised, recapitalised or have its assets sold.
"The Administrators will then seek creditors' approval to vary the DOCA and complete the sale process or liquidate the company," Pitcher said today.
