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(AMM) Copper King files for bankruptcy

May 20, 2010 - 21:56 GMT Location: New York

KEYWORDS: Copper King Mining , bankruptcy

Junior copper miner Copper King Mining Corp. has filed for Chapter 11 bankruptcy protection, with debts of over $360,000 to its 11 largest creditors.

The company's management board approved a motion to file for voluntary bankruptcy reorganization after receiving a notice of sale from a senior lender that sought to foreclose and sell the company's assets to recoup the debt.

Copper King, which had traded for a fraction of a penny on the Pink Sheets exchange, is seeking to reorganize itself and restructuring expert Anthony Bryan Jr. has been appointed as the new chief executive officer to replace Marcus Southworth who has resigned. He remains president.

The company, which owns the Hidden Treasure Mine near Milford, Utah, through its wholly owned subsidiary...

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