Recap vs fire sale: fight brews at Altura Mining
Sarah Thompson, Anthony Macdonald and Tim BoydOct 28, 2020 – 2.01pm
Altura Mining has not thrown in the towel on its $150 million recapitalisation proposal just yet.Battery metals play Altura Mining hasn't given up on its recapitalisation proposal. BloombergDespite Altura's lenders backing Pilbara Minerals' play to buy it with a $230 million equity raising, it is understood the embattled lithium play is still pursuing a recapitalisation proposal with help from Azure Capital and Canaccord Genuity.Sources said Azure and Canaccord fired off a letter to Altura's receivers and administrators – KordaMentha and Cor Cordis – on Wednesday afternoon, saying the pair had almost finalised the details of Altura's recap transaction.It is understood the pair said they expected to have the proposal tied up by close of business on Wednesday. Importantly, the proposal would see Altura's secured lenders paid back in full.Azure and Canaccord also pointed out to KordaMentha and Cor Cordis that a recapitalisation would see some value preserved for Altura's 13,000-odd shareholders and its unsecured creditors.
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