LONDON (Thomson Financial) - Petaquilla Copper Ltd said it has 12.8 mln usd invested in notes managed under Coventree Capital Group Inc, adding that 8.8 mln notes due under Coventree are unpaid.
Coventree had announced on Aug 13, 14 and 15 that it was experiencing market disruption and as a result was unable to meet its repayment obligations until its liquidity providers fund such repayments.
Petaquilla said the remaining 28 mln usd of its cash and investments is held in cash and savings deposits, and these have not been affected by the recent disruptions in the global credit markets.
It added that it has sufficient cash available to continue its operations both in Canada and in Panama without any delays, provided this market disruption is resolved in a timely manner.
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