On Monday a meeting of creditors at a district court in Luleå in northern Sweden decided that the mining company Northland can continue its debt restructuring plan.
Northland owes a total of SEK 1.7 billion to over 100 companies, and lawyer Lars Söderqvist, who is leading the debt reconstruction, said at the meeting that the company is going to pay back all of its debt if the restructuring is successful.
A fully detailed plan for the restructuring will be finished 15 October this year.
Northland is a mining company that focuses on iron ore deposits located north of the Arctic Circle in Sweden and Finland.
Related stories from around the North:
Canada: Canada’s Northwest Territories hosts mining conference, CBC News
Finland: Lapland to host Finland’s biggest mine, Yle News
Greenland: Analysis: Implications of Greenland’s decision to allow uranium mining, Blog by Mia Bennett
Russia: Oil companies push ahead with plans in Russia and Canada while sidelined in the U.S., Blog by Mia Bennett
Sweden: Hundreds demonstrate against mining in Arctic Sweden, Radio Sweden
United States: Is Alaska getting its fair share from mining?, Alaska Dispatch