Tacora files for CCAA protection- MP Jones Optimistic the Company Can Come Out Stronger After Financial Restructuring 

October 16, 2023

News Release

FOR IMMEDIATE RELEASE

Ottawa, Monday October 16, 2023 - Member of Parliament for Labrador Yvonne Jones released the following statement. 

"Tacora Resources filing the (“Initial Order”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”) on October 10 came as a surprise to most people including myself. 

Tacora briefed me along with others just hours before the filing. I’ve had an opportunity to discuss the Stay of Proceedings filed under CCAA to better understand the need for financial restructuring for Tacora.

I’ve also had the opportunity to discuss with the independent monitor FTI CONSULTING CANADA INC. the time frames around such restructuring, and what it means for the local region. 

Tacora has confirmed that they will continue operations as normal and the mine will continue producing during the restructuring period. They have confirmed that all jobs and benefits of workers will be protected.

However, I am concerned for local businesses in the community that are creditors of Tacora. Obviously this will have an impact on those businesses in the Labrador West region. Many of them are small businesses employing local people who are not in a position to carry the accumulated debt for a long period of time.

I am working with the Labrador West Chamber of Commerce and the independent monitor to set up a briefing session for the local businesses impacted. I have also requested a list of the local creditors and the amount of outstanding balances they are owed. 

A copy of the Initial Order and copies of the materials filed in the CCAA proceedings may be obtained at http://cfcanada.fticonsulting.com/tacora or on request from the Monitor by calling 1-416-649-8138 or toll free, 1-833-420-9074 or emailing [email protected].

If you have any questions regarding the foregoing or require further information, please consult the Monitor’s website at http://cfcanada.fticonsulting.com/tacora or on request from the Monitor by calling 1-416-649-8138 or toll free 1-833-420-9074.

I am optimistic that Tacora will restructure its financial situation and will come out stronger at the end, seeing iron ore production continue for years to come.”