Suspension, page-23

“Game Over” for IDC
Indochine Mining (IDC:ASX) has survived court action in Papua New Guinea, countless equity raisings and a life support debt agreement, but distress in the junior market has finally pulled the plug on Indochine’s hopes of turning its Mount
Kare project into a mine parallel to Porgera.
Shares were suspended from trading on the ASX last Tuesday, after the company failed to file its half-year accounts.
Auditors have refused to sign-off the accounts, according to sources familiar with the matter, fearing the company is in fact insolvent due to money owed to Quest Drilling and Heli Niugini, a local chopper service.
Indochine is now scrambling to get its 50 largest creditors to sign waivers saying they are happy for the company to continue trading. Otherwise, “it’s probably game over.”
“IDC,” pondered mine promoter Robert Friedland having been pitched the asset, “I-don’t-care.”

From the Global Mining Observer.