FTI Consulting, acting as voluntary administrators for Panoramic Resources, announced Monday the appointment of Thomas Birch and Jeremy Nipps of Cor Cordis as receivers and managers for specific secured property of the troubled nickel mining company.
The appointment of receivers was made by Trafigura, in accordance with terms outlined in a security deed dated April 2021.
FTI Consulting stated that the scope of the receivers’ appointment remained subject to discussions between the administrators and receivers. There is a divergence of view between the administrators and the receivers as to whether the property to which the receivers have been appointed includes cash of Panoramic.
“The administrators consider it to be in the interests of Panoramic and its creditors (including Trafigura) for the matter to be resolved urgently (including for the purpose of providing certainty for the participants in the current dual track process to sell or recapitalise the Panoramic business being undertaken by the Administrators) and intend to make a court application today on an expedited basis to seek appropriate directions,” said FTI Consulting.
The effect of the appointment is that Cor Cordis had authority to deal with the Panoramic property to which they had been validly appointed, and excluding such property, the administrators remain in control of Panoramic and its subsidiaries.
Panoramic went into administration in January, after operations were suspended at the Savannah mine, in Western Australia, following a sharp fall in nickel prices.