Malaga (TSX:MGL)  has filed a Notice of Intention to make a Proposal under the Bankruptcy and Insolvency Act of Canada.

As quoted in the news release:

The Corporation intends to continue that sale or investment solicitation process and expects to bring an application to the Québec Superior Court of Justice in the near future seeking, among other relief, authorization to continue such process on a defined timeline.

The filing of the Notice of Intention has the effect of imposing an automatic stay of proceedings that will protect the Corporation and its assets from the claims of creditors and others while the Corporation pursues its restructuring efforts.

Click here to view the press release.