08:52 AM EDT, 06/10/2024 (MT Newswires) -- Nevada Copper ( NEVDF ) said on Monday that it filed for Chapter 11 bankruptcy protection in the U.S. as it is unable to continue operating its business.

Discussions with stakeholders and other parties to obtain funding and/or enter into a change of control transaction were not successful, the company said. Nevada Copper ( NEVDF ) also failed to secure additional interim funding from its key stakeholders.

Nevada Copper ( NEVDF ) said it received a commitment for US$60 million debtor-in-possession financing to provide liquidity through the restructuring period, $20 million of which the company is asking to be available on an interim basis. The company is seeking approval from the U.S. Bankruptcy Court for the financing.

Meanwhile, Nevada Copper ( NEVDF ) appointed Tom Albanese as chair of its board of directors while reporting the resignation of Randy Buffington as president, CEO and director.