Thu Nov 21, 2013 3:07am EST
* Fails to raise 40 mln euros for debt restructuring
* Says cash enough to last until Q1 next year (Adds background, detail)
By Jussi Rosendahl
HELSINKI, Nov 21 (Reuters) - Finnish miner Talvivaara said it had failed to raise additional funds from a group of shareholders to restructure its debt and repeated it may face bankruptcy unless it finds new sources of finance.
The company said it is assessing other funding options and could use its own cash for the overhaul process. It said it had enough cash to last until the first quarter of 2014.
Talvivaara, hurt by falling nickel prices and production problems, last week said it would seek a court-supervised overhaul. It also said it is shutting its metals recovery plant for about a month and discontinuing ore production for around six months to cut costs.
It had sought an additional 40 million euros ($54 million) to restructure its debt, but the group of stakeholders late on Wednesday said they were unable to offer the funding, Talvivaara said.
"Talvivaara ... would expect to file for bankruptcy proceedings unless other alternatives have materialised by that time (the first quarter of next year)," in case it was not admitted to the overhaul or such an overhaul fails, the company said.
Talvivaara's biggest shareholder is the Finnish state and the company is a major employer in the rural Kainuu region of northeast Finland.
However, the government has said it would not bear the main responsibility of bailing out the company. (Editing by David Holmes)
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