Shareholders take aim at Northland Resources
A Canadian lawyer is trying to collect claimants for a group law suit against mining company Northland Resources, which has stopped production in northern Sweden while battling financial troubles.
John Foreman calls on shareholders who invested before January 23rd last year to give him the right to represent them. He says Northland does have assets, despite having trouble paying its debts, news agency TT reports.
In 2012, several big Swedish companies saved Northland through a financial injection. It is now in a period of court-administered protection from paying its debts while it rebuilds its ability to make profits.
Almost all of Northland’s employees have been fired and its mine in Pajala is all but abandoned. Residents there had pinned their hopes on Northland reviving the far northern town's economy.