Baffinland gets more time to figure out how to pay off billions of dollars in debt

Baffinland gets more time to figure out how to pay off billions of dollars in debt

In a news release Friday evening, the mining company says it’s been granted an extension to the stay of proceedings until June 10. As of May 14, Baffinland owes a total of $2.6 billion to creditors according to a list submitted to the courts.

Baffinland seeks approval for a ‘bridge’ loan to buy supplies

Suppliers are “reluctant” to work with Baffinland Iron Mines Corp. until the company gets the funds to continue uninterrupted operations, its lawyer Derek Ricci says.