The parent company of Perth-based mining services company JSW Australia has entered voluntary administration, with representatives of McGrathNicol appointed yesterday.
Jason Preston, Shaun Fraser and Jamie Harris were appointed as administrators of Brisbane-based Hughes Drilling, with the intention of keeping the business in operation while they undertake a financial and operational assessment of the firm.
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, McGrathNicol said.
A sale and recapitalisation campaign will be commenced immediately.
Based on initial discussions with management, the admin…
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