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ECONOMY

Claim against Petaquilla withdrawn

The dropping of the claim has cleared the way for the company to receive a capital infusion.

Temas:

The company Econoconcretos has withdrawn a $5 million claim in filed against Petaquilla Gold, which operates a mine in Donoso, Colón, for an unpaid debt of $5 million.

The claim had prompted the First Civil Court of Coclé to declare the company bankrupt and designated Dimas Espinoza to act as administrator to cancel the company's debts.

But in the midst of the judicial process, Irielka Villarreal, owner of Econoconcretos, withdrew from the process.

This will allow Petaquilla to receive a $25 million loan from the investment firm Sandstone Properties to allow the company to resume work at the mine. This money will be used to cancel debts that Petaquilla owes to its workers and the government, which equals another $7 million.

The payment of that debt is one of the keys to Petaquilla retaining its concession. Econoconcretos apparently believes that this will be a more profitable route than trying to recover its funds from the bankruptcy proceedings.

Sandstone Properties is a partnership between Petaquilla Minerals, owner of Petaquilla Gold, and Baseline Financial Group Investment Fund.

Jorge Obón, a spokesman for Petaquilla, indicated that the funds have been available since February, but they will not be disbursed until the company is assured that it will not lose its concession, a decision that must be made by the Ministry of Trade and Industry.

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