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BRIEF-Admiral Bay Resources says petition for foreclosure action filed by lenders


May 10 (Reuters) - Admiral Bay Resources Inc: * Announces petition for foreclosure action filed by secured lenders, negotiations with secured lenders * Says US subsidiary is in default under its credit agreement * Says Admiral Bay USA is indebted to lenders in the principal amount of abt $42.5 million * Should conditions not be met, likely to seek protection under provisions of federal bankruptcy statutes * It and lenders failed to agree on terms under which Admiral Bay would have been purchased by third party * Continues to work with its lenders to seek a consensual resolution to the foreclosure petition ((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780)) (For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2010. All rights reserved.

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