HORSEHEAD HOLDING CORP. (OTCMKTS:ZINCQ) is storming OTC Market with a huge rally. On Feb 11th, HORSEHEAD HOLDING CORP. (OTCMKTS:ZINCQ) got delisted from NASDAQ exchange after the company filed for Chapter 11 bankruptcy. Looks like small cap investors have perceived this as a golden golden opportunity.
The company was hoping to produce more than 154,000 tons a year of Zinc in its $490 million worth of plant off U.S. Highway 74 in Rutherford County about 50 miles west of Charlotte, North Carolina. However, things took turn for the worst with production not matching the expectation. Another major miss for the company was the inability to pay off the $1.9 million bond payment followed by Lead bank Macquarie Group Ltd. cutting off funding from their credit facility.
Currently, HORSEHEAD HOLDING CORP. (OTCMKTS:ZINCQ) is trading at $0.323 with more than 8.5M shares exchanging hands. The future of the company seems to highlight a big question mark. However, in a recent press release, Jim Hensler, President and Chief Executive Officer of the Company potrayed a optimistic outlook speculating on the restructuring of the Company’s balance sheet for the long-term. Mt. Hensler further insisted that Filing for Chapter 11 protection was the best available option to preserve stakeholder value.
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