Photo by: Bloomberg
JOHANNESBURG (miningweekly.com) – Troubled coal miner Miranda Mineral Holdings on Wednesday said it had received an order from the Pretoria High Court, sanctioning the settlement entered into between the company and its creditors.
In October last year, the company held a meeting in Pretoria to inform its creditors that it would not be able to meet all of its financial commitments.
Miranda sought to make a proposal to reach a settlement with its creditors. “All secured creditors will be paid 90c in the rand towards the company’s debt. All statutory creditors will be paid 95c in the rand towards the company’s debt,” it said in October.
The company’s troubles started when it pursued the acquisition of a significant stake in the Nkomati anthracite mine from Sentula Mining, which failed. “Many recapitalisation efforts made by the board also came to nothing,” it said in a statement.
The company had, as a result, incurred significant debt which it was unable to settle.