BANKRUPTCY ATTORNEY HELPS IRON ORE MINER

Bankruptcy attorney helps iron ore miner. The iron ore miner business has been tough. The business got so bad for one company, it had a tough decision to make. After running out of options, the board of directors had no other choice. The company contacted a bankruptcy lawyer for help. The company filed a bankruptcy case in order to address its debts. Northland Resources had more than $650 million in debt. This was caused by the continued decline in iron ore prices. Iron ore prices have fallen nearly fifty percent this year alone. This has caused big problems throughout the industry. Many people have lost their jobs. Northland Resources was forced to stop all its operations in October. Most of its employees lost their jobs. China used to be the top buyer of iron ore for their expanding economy. China’s economy has hit difficult times. Their buying of iron ore has gone down. The entire industry is now just trying to survive. The company tried to get financing. Banks were reluctant given the tough times facing the industry. The mining operations take place in Sweden. This has taken a toll on the entire region. When the mining operations began, many businesses opened around the mine. Now all those jobs are in jeopardy as well. The bankruptcy lawyers now are left with trying to address the debt the company has no way of paying. That is really the only hope that is left. A bankruptcy filing can wipe out debt that has no real chance of ever getting paid off. This goes to show that events take place that change everything. A business once thought to be booming is now in trouble. The only relief has come through a bankruptcy filing. That was the only answer. At least the company’s debt can be handled in the bankruptcy.