Chile firm to sell mine from which 33 men rescued to avoid bankruptcy

November 26th, 2010 - 6:15 pm ICT by ANI  

London, Nov 26(ANI): The San Esteban Mining Company, which owns the Chile mine from which 33 men were rescued in October, has agreed to sell its assets to avoid bankruptcy, a Chilean court has said.

The creditors have given the company 15 months to repay its debts, Sky News reports.

The 33 miners were trapped underground in the San Jose mine for over two months before being rescued.

Some of the money from the sale will be used as severance pay for the over 300 miners and plant workers who lost their jobs after the collapse.

In addition, the Chilean government is trying to recoup the money that it spent on the rescue operation.

The government had reportedly spent 12.5 million pounds on the rescue operation.

The rest of the money will be used to pay off the company’s other debts.

Earlier, Chilean President Sebastian Pinera had vowed that the San Jose mine would never open again. (ANI)

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