The owner of the New Elk coal complex in eastern Colorado has been granted 60 days by the TSX to regain compliance pursuant to the review process.
The news comes after Cline defaulted on a semi-annual interest payment and subsequently announced it was undergoing a financial restructuring.
Officials said the $2.5 million payment on an outstanding $50 million principal for 10% senior secured bonds did not get paid on December 17 as required.
On December 27, the company said it would restructure its finances through its bondholders’ representative, Toronto-based credit and portfolio manager Marret Asset Management.
Cline stocks dropped 14% Friday to C6c.
