Midway Gold and some of its subsidiaries are set to file bankruptcy protection under chapter 11 of the bankruptcy code in the US Bankruptcy Court for the District of Colorado.

According to the bankruptcy protection petition, the company has shown $55.7m of debt and $82.9m in assets.

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The mining company will also seek similar protection in Canada under its creditors arrangement act in the Supreme Court of British Columbia (BC) in Vancouver, Canada.

Midway Gold proposes to sell non-core assets and resolve various challenges relating to its Pan Mine project, as part of restructuring its business.

"The company plans to explore alternatives to strengthen itself during the restructuring process."

The company plans to explore alternatives to strengthen itself during the restructuring process.

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According to Midway, its business will be operated as a ‘debtor in possession’ under the jurisdiction of the bankruptcy court.

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In addition, the operations would be carried out in accordance with the applicable provisions of the bankruptcy code and the orders of the bankruptcy court.

Midway along with its lenders discussed terms that should allow for the consensual use of its cash allowing it to maintain business-as-usual operations during the restructuring process.

The company believes that it will be able to pay its ongoing expenses and maintain its business operations during the pendency of its chapter 11 cases using its existing as well as anticipated cash resources.

If the company’s customary ‘First Day Motions’ to be filed with the bankruptcy court are granted, it will help ensure a smooth transition to chapter 11, Midway said.