- Northland Resources (OTC:NRSRF) has filed for bankruptcy with more than $650M in debt after failing to refinance its business.
- "The dramatic fall in iron ore prices this year made it impossible to raise the required financing, which was a prerequisite for continued operations," says Chairman Olav Fjell.
- In its Q3 earnings report in November, Northland said its total debts by the end of September stood at $657M, while cash and cash equivalents were $10.5M.