Fri Nov 15, 2013 3:12am EST
(Adds background, detail from statement)
HELSINKI Nov 15 (Reuters) - Loss-making Finnish miner Talvivaara , battered by falling nickel prices and a slew of production problems, said it would file on Friday for a court-supervised overhaul of the group, warning it otherwise risked bankruptcy.
Talvivaara - whose largest shareholder is the Finnish state, through its investment fund - pioneered the use of bacteria to extract nickel, a process called bioheapleaching, and was something of a national champion.
But it has faced repeated setbacks, from environmental troubles to operational hitches and a drop of more than a fifth in the price of nickel since the start of the year.
Talvivaara has been in talks to raise cash from investors.
On Thursday, it sought an additional 40 million euros ($54 million) from a group of shareholders to restructure its debt, but some said they would not pay unless Talvivaara applied for a corporate reorganisation.
It plans to do this on Friday.
If that fails, the company will apply for bankruptcy, a procedure which would have a "material value destructing effect", it said, adding the environmental impact would also be "difficult" to manage.
The firm said "there can be no assurance that Talvivaara will obtain the required funding through the restructuring facility or otherwise, or that Talvivaara's corporate reorganisation, if commenced, is ultimately successful."
($1 = 0.7430 euros) (Reporting by Ritsuko Ando; Editing by Patrick Graham and Mark Potter)
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