Cobre Panama has requested government authorization to lay off more than 4,000 of its employees.

Louis Freeh, who ran the bureau from 1993 to mid-2001, is leading Alix Partners in advising Swiss company Solway on revamping governance at the Fenix complex.

The company has notified buyers it will not be able to meet agreements due to force majeure.

Jorge Rivera has been named the replacement.

The expectation for a looser market in the near term has been reflected in copper prices.

The company is facing an estimated $625 million in debt maturities next year and another $1.8 billion in 2025.

“This is a source of income for more than 40,000 households, and we don’t have a response as to what is going to happen to us,” union leader Michael Camacho told reporters.