The Globe and Mail reports in its Thursday edition that Nevada Copper investors are facing significant losses as the company seeks bankruptcy protection and looks to obtain emergency financing from U.S. hedge fund Elliott Investment Management. The Globe's Niall McGee writes that Nevada Copper has struggled to increase production at its Pumpkin Hollow copper mine in Nevada for several years. Earlier this year, it disclosed to investors that it was at risk of being unable to continue its operations and was carrying a dangerously high amount of debt compared with its dwindling cash reserves. By the end of March, the company had only $300,000 in cash, a working-capital deficit of $115.4-million, and total debt of around $262-million. On Monday, the company's U.S. subsidiary filed for Chapter 11 bankruptcy protection in a Nevada court. Randy Buffington stepped down as chief executive officer at that time, with former Rio Tinto CEO Tom Albanese assuming the role of chairman. Mr. Albanese was already the lead independent director and an investor in Nevada Copper prior to his appointment and is now the company's fifth-largest shareholder. In court filings, Nevada Copper said it is now concentrating on finding a buyer.