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Itasca County Votes to Amend Bankruptcy Agreements

December 21, 2017 10:41 PM

An emergency meeting was called for the Itasca County Board on Thursday afternoon. Commissioners considered amendments to bankruptcy agreements related to the former Essar project.

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After some deliberation and discussion, commissioners approved amendments to the agreements. Board Chair Terry Snyder said, "The conditions are confidential until they are released by Mr. Tom Clarke or the state of Minnesota. But I can tell you one of the points is continued payments to vendors and contractors who are owed money."

A December 31st deadline looms for the state mineral leases, which are controlled by Clarke. The Virginia businessman plans on mining at the site in Nashwauk and building a DRI facility as well. He is working on emerging from bankruptcy.

But then, Cleveland-Cliffs made a big play. They are now in control of a large chunk of the minerals on site, by acquiring leases and land from Glacier Park Iron Ore Properties.

According to the governor's office, the governor is working on the issue of the leases with his project team. 


WDIO

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