Robert Friedland, Executive Chairman of Ivanhoe Mines, seen here October 1, 2007 speaking at the Asia Pacific Forum on Mining and Minerals in downtown Vancouver. RAFAL GERSZAK FOR THE GLOBE AND MAILThe Globe and Mail
Ivanhoe Energy Inc. says it is bankrupt after restructuring talks with creditors proved unsuccessful.
The company had been working with Ernst & Young to reach a viable restructuring proposal and had already extended the deadline for filing a proposal by a month.
The Vancouver-based heavy oil company has projects in Ecuador and Mongolia and was working to develop a proprietary upgrading process for heavy oil.
The Toronto Stock Exchange and the Nasdaq delisted the company's shares in February.
Ivanhoe Energy is one of several companies backed by Robert Friedland, a mining promoter who has played key roles in developing the Voisey's Bay nickel deposit in Labrador and the Oyu Tolgoi copper and gold deposit in Mongolia.