$DGRI great news from lats week! could reduce its corporate indebtedness by approximately $3,500,000
Dutch Gold Makes Progress in Balance Sheet Improvement Subsidiary, Dutch Mining LLC, Files Chapter 7 Proceeding
http://finance.yahoo.com/news/dutch-gold-make...00821.html
ATLANTA, GA / ACCESSWIRE / June 12, 14 / Dutch Gold Resources, Inc. (DGRI.OTC) (the “Company”) (http://dutchgoldinc.com) today announced its’ subsidiary, Dutch Mining LLC has filed for liquidation in the United States Bankruptcy Court in the Northern District of Georgia. There should no impact on the operations of Dutch Gold Resources, Inc., except that its’ balance sheet should be much improved at the conclusion of the liquidation of the defunct subsidiary, to the extent of the debt extinguishment that is being sought.
The likely outcome will be that the Company could reduce its corporate indebtedness by approximately $3,500,000, positively impacting both the balance sheet and profit & loss statement by Q3 2014.
In addition to the Dutch Mining LLC liquidation, the Company has seen some success in settling its remaining corporate debt. It has settled approximately $150,000 of indebtedness at an average of twenty cents on the dollar. The Company believes that there are additional opportunities to resolve the indebtedness that remains after the completion of the Chapter 7 proceeding of its subsidiary.
"These actions are intended to improve the Dutch Gold balance sheet, which may have the impact of lowering the Company’s cost of capital in the future", said Daniel Hollis, CEO. "This is a positive development for the Company. We have identified financial re-engineering as a major goal for Q2 2014 and we are pleased to have initiated this action, executing on our plan to revitalize Dutch Gold Resources, Inc.", he added.
An 8K is being filed with the Securities and Exchange Commission regarding this action.
Dutch Gold Makes Progress in Balance Sheet Improvement Subsidiary, Dutch Mining LLC, Files Chapter 7 Proceeding
http://finance.yahoo.com/news/dutch-gold-make...00821.html
ATLANTA, GA / ACCESSWIRE / June 12, 14 / Dutch Gold Resources, Inc. (DGRI.OTC) (the “Company”) (http://dutchgoldinc.com) today announced its’ subsidiary, Dutch Mining LLC has filed for liquidation in the United States Bankruptcy Court in the Northern District of Georgia. There should no impact on the operations of Dutch Gold Resources, Inc., except that its’ balance sheet should be much improved at the conclusion of the liquidation of the defunct subsidiary, to the extent of the debt extinguishment that is being sought.
The likely outcome will be that the Company could reduce its corporate indebtedness by approximately $3,500,000, positively impacting both the balance sheet and profit & loss statement by Q3 2014.
In addition to the Dutch Mining LLC liquidation, the Company has seen some success in settling its remaining corporate debt. It has settled approximately $150,000 of indebtedness at an average of twenty cents on the dollar. The Company believes that there are additional opportunities to resolve the indebtedness that remains after the completion of the Chapter 7 proceeding of its subsidiary.
"These actions are intended to improve the Dutch Gold balance sheet, which may have the impact of lowering the Company’s cost of capital in the future", said Daniel Hollis, CEO. "This is a positive development for the Company. We have identified financial re-engineering as a major goal for Q2 2014 and we are pleased to have initiated this action, executing on our plan to revitalize Dutch Gold Resources, Inc.", he added.
An 8K is being filed with the Securities and Exchange Commission regarding this action.
