Photo by: Bloombeg
PERTH (miningweekly.com) – Junior coal miner Cockatoo Coal has halted share trading on the ASX, announcing this week that it had appointed administrators.
Three related companies, Baralaba Coal, Wonbindi Coal and Cockatiel Coal have also been placed under administration.
Cockatoo said the administrators were working with the group’s management to fully understand the options available to the group, which could potentially include a restructure or recapitalisation of the group.
In October, the Queensland coal miner received a notice from Australia and New Zealand Banking Group that the bank would be terminating the company’s A$81-million bank guarantee facility on January 15.
On termination, all amounts under the facility would become repayable.
Cockatoo had since been working on options to refinance the amounts outstanding under the facility.
The company had also implemented a number of measures to drive down operational costs at its Baralaba mine.