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Thursday, May 21, 2015

Stock Alerts -Cliffs Natural Resources (NYSE:CLF) seeks creditor protection for more Canadian iron ore assets- 5/21/15

Cliffs Natural seeks creditor protection for more Canadian iron ore assets
  • Cliffs Natural Resources (NYSE:CLF) says it is seeking court protection from creditors of its Wabush iron ore mine and related assets in eastern Canada, after it sought similar protection earlier this year for its Bloom Lake mine and other Canadian iron ore assets.
  • CLF says in an SEC filing that a "more comprehensive restructuring and sale process" will result if it was able to include the Wabush group under the same creditor protection and allow a more "streamlined exit" from eastern Canada.
  • CLF idled its Wabush operations in Newfoundland and Labrador in Q1 2014 as it sought to cut costs.

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