Administrators of Alita Resources on Thursday started the liquidation process for the cash-strapped Australia-based lithium miner on confirming an implementation agreement with an unnamed third party for the sale of the company and its assets. Advisory firm McGrathNicol began an application in the Supreme Court of Western Australia seeking orders for the company to be placed under liquidation as the deadline to meet obligatory settlements under the deed of company arrangements (DOCA) expired after Thursday.
Administrators of Alita Resources on Thursday started the liquidation process for the cash-strapped Australia-based lithium miner on confirming an implementation agreement with an unnamed third party for the sale of the company and its assets.
To execute the agreement, Alita's administrators are considering whether the continuation of the arrangement received by Austroid Corp, a US-based lithium products firm that acquired issued shares in the company in late 2020, is in the best interest of Alita, according to a filing with the Singapore exchange issued on Thursday.
Alita has been under administration since 2019, and in late 2020 in a second meeting with the creditors, the transfer of 100% shares in Alita to Austroid was approved on conversion of the latter's debt to equity.issued a prohibition order stopping Austroid from acquiring an additional 90.10% stake in Alita, which would have given it the full control of the lithium miner.
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