Cline Mining misses 10% bond payments; defaults covered by forbearance

By Caroline Salls

Pittsburgh, June 16 – Cline Mining Corp. failed to make the principal and interest payments due on its $65.5 million of 10% senior secured bonds and its C$12.3 million 10% senior secured convertible bonds, which matured on June 15, according to a news release.

Cline said the noteholders agreed to treat the payment defaults as part of existing forbearance agreements, which are set to expire on June 30.

The company said it is continuing to assess financing options aimed at maximizing the long-term value of its assets.

Cline is a mine development company based in Sudbury, Ont.

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