Applied Minerals, Inc. Files Motion to Approve Disclosure Statement

Rhea-AI Summary

Applied Minerals Inc (AMNL), currently under Chapter 11 bankruptcy protection since November 11, 2024, has filed a 'Motion to Approve Disclosure Statement' with the United States Bankruptcy Court for the District of Utah. The motion includes a proposed Disclosure Statement regarding the company's Plan of Reorganization.

The company seeks court approval for:

• The form and adequacy of the Proposed Disclosure Statement
• Proposed solicitation procedures and record holder date for voting
• Form of ballots and balloting instructions
• Procedures for vote tabulation
• Deadlines for proposing better reorganization terms

Objections must be filed by April 24, 2025, and a hearing is scheduled for May 6, 2025, at 11:00 a.m. MT via Zoom.

Positive

• Progress in bankruptcy proceedings with filing of reorganization plan
• Structured process for potential better reorganization terms from interested parties

Negative

• Company remains in Chapter 11 bankruptcy proceedings
• Reorganization plan subject to court approval and potential objections

EUREKA, UT / ACCESS Newswire / April 11, 2025 / Applied Minerals, Inc. (Eureka, UT) (the "Debtor"), in connection with its filing for Chapter 11 bankruptcy protection on November 11, 2024, has filed with the United States Bankruptcy Court for the District of Utah a "Motion to Approve Disclosure Statement" and related solicitation procedures and deadlines.

The Debtor also has filed a proposed Disclosure Statement with Respect to Debtor's Plan of Reorganization. The Debtor has requested entry of an order, among other things, (a) approving the form and adequacy of the Proposed Disclosure Statement, (b) approving the proposed solicitation procedures (including establishing, for voting purposes only, a record holder date), (c) approving the form of ballots and balloting instructions, (d) establishing procedures for tabulating votes on the Plan, (e) establishing deadlines and procedures for proposing to the Debtor terms for a higher and better terms plan of reorganization, and (f) setting the date for a hearing on confirmation of the Debtor's Chapter 11 Plan of Reorganization.

Parties wishing to object to the relief requested in the Motion to Approve Disclosure Statement must file an objection with the Bankruptcy Court on or before April 24, 2025, at United States Bankruptcy Court, 350 South Main Street, Room 301, Salt Lake City, UT 84101. A hearing on the Motion to Approve Disclosure Statement will be held on May 6, 2025, at 11:00 a.m. MT. Parties who wish to participate in the hearing should consult the Bankruptcy Court's website (https://www.utb.uscourts.gov) for the most up-to-date information regarding participation at a hearing via Zoom.

Contact:

info@appliedminerals.com

SOURCE: Applied Minerals, Inc.

View the original press release on ACCESS Newswire

FAQ

What is the deadline for filing objections to AMNL's Disclosure Statement motion?

Objections to AMNL's Motion to Approve Disclosure Statement must be filed by April 24, 2025, at the United States Bankruptcy Court in Salt Lake City, UT.

When did Applied Minerals (AMNL) file for Chapter 11 bankruptcy?

Applied Minerals filed for Chapter 11 bankruptcy protection on November 11, 2024.

When is the hearing scheduled for AMNL's Disclosure Statement approval?

The hearing is scheduled for May 6, 2025, at 11:00 a.m. MT via Zoom.

What are the key components of AMNL's Motion to Approve Disclosure Statement?

The motion includes approval requests for the disclosure statement, solicitation procedures, voting record date, ballot forms, vote tabulation procedures, and deadlines for proposing better reorganization terms.