Great Basin Gold Ltd. (the "Company" or "GBGL") filed an application before the Supreme Court of British Columbia (the "British Columbia Court") pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985 c. C-36 as amended (the "CCAA").
The British Columbia Court made an order (the "Initial Order") on September 19, 2012, granting the Company the protections afforded by a stay of proceedings until October 19, 2012, while the Company pursues restructuring initiatives under the CCAA.
The Initial Order appointed KPMG Inc. as Monitor of the business and financial affairs of the Company in the CCAA proceedings.