JOHANNESBURG (miningweekly.com) – Queensland-based coal driller and miner Hughes Drilling has collapsed.
Jason Preston, Shaun Fraser and Jamie Harris, partners of McGrathNicol, were on Thursday appointed as joint administrators of all the entities controlled by Hughes Drilling, except of its US subsidiary Reichdrill.
The administrators said in a statement, published on the ASX, that they intended to continue to operate all the business units of Hughes Drilling, while they undertake a financial and operational assessment of the businesses.
“The objective of the administrators is to work closely with management, employees, suppliers and customers to quickly stabilise operations and to determine the appropriate strategy for the business.”
The administrators stated that they would start a sale and recapitalisation programme with immediate effect.