https://www.miningweekly.com

Cockatoo goes into administration

Cockatoo goes into administration

Photo by Bloombeg

17th November 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

Font size: - +

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.

Edited by Chanel de Bruyn
Creamer Media Online Managing Editor

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

ABB Electrification
ABB Electrification

Electrifying the world in a safe, smart, and sustainable way, ABB Electrification is a global technology leader in electrical distribution and...

VISIT SHOWROOM 
Environmental Impact Management Services
Environmental Impact Management Services

EIMS is an independent specialised environmental consulting firm offering the full spectrum of environmental management services across all sectors...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.049 0.758s - 111pq - 2rq
Subscribe Now