Valcambi to acquire bankrupt RMC?

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BALERNA, Switzerland, October 29, 2018 /PRNewswire/ --

Valcambi SA, one of the world's largest gold refiners, today announced that it has reached an understanding to acquire Republic Metals Corporation (RMC), a precious metals refiner based in Miami US, subject to completion of the final steps of due diligence. The two companies are working through the logistics of the planned integration.

The combined entity will ensure more efficient and better service to the existing and prospective clients of RMC. The combined entity will enhance the quality control, technology and various other aspects of refining of RMC and would make RMC one of the most preferred and best refinery of precious metals in the world.

https://www.prnewswire.com/news-rel...re-republic-metals-corporation-820137992.html

(paywall):

Republic Metals Corporation – Discrepancies in Precious Metals Inventory Accounting Ultimately Culminate in Chapter 11 Filing

https://bankruptcompanynews.com/rep...ng-ultimately-culminate-in-chapter-11-filing/

 

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Some details about RMC's bankruptcy here:

http://about.ag/RMC.htm

 

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Valcambi is not giving up:

Swiss precious metals refiner Valcambi has made a $16 million offer to buy the assets of Miami-based rival Republic Metals Corporation (RMC), which filed for bankruptcy last year, a source familiar with the matter said on Wednesday.

The source said the New York bankruptcy court hearing the case had accepted the offer as a stalking horse bid, implying that any other bids that come in must be higher than Valcambi’s.
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Valcambi is Switzerland’s biggest gold refiner. It said in October it had reached an understanding to acquire RMC subject to the completion of due diligence.

That deal fell through after RMC, one of the largest U.S. refineries, filed for bankruptcy days later, on Nov. 2.

https://www.reuters.com/article/uk-gold-m-a-valcambi-idUSKCN1P32BU

 

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They must see some real value to continue their attempts to acquire them. It says one of RMC's main creditors is Tiffany. I seem to recall reading not too long ago that they were in financial trouble themselves. One of the other creditors was a Mexican mining co., which seems a bit strange to me, but then again the art of high finance often leaves my common sense sitting by the side of the road mumbling to itself.

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