06:55 AM EDT, 06/18/2024 (MT Newswires) -- Nevada Copper ( NEVDQ ) late on Monday provided an update on its Chapter 11 bankruptcy process, saying it has received orders from the Bankruptcy Court of the District of Nevada, including interim approval of its debtor-in-possession financing.

The court has allowed the company to proceed with an initial borrowing of US$20 million under its previously announced US$60 million ($82.5 million) debtor-in-possession financing commitment. The company will use the borrowing to fund its care and maintenance and other requirements during the Chapter 11 process.

Nevada Copper ( NEVDQ ) plans to seek a final order approving the remainder of the borrowing to provide it with liquidity for the rest of the restructuring period. Also, the company has received approval to continue wages and benefit programs for its employees during the bankruptcy process.

Nevada Copper ( NEVDQ ) is also pursuing a sale of the company and has retained Moelis & Co. LLC to assist with the process.

Additionally, Nevada Copper's ( NEVDQ ) board has tapped Gregory Martin to serve as interim president and CEO and Matthew Anderson as interim CFO. Martin and Anderson previously served as executive vice president and CFO and vice president of finance for Nevada Copper ( NEVDQ ), respectively.