The administrators of Linc Energy say it is in the creditors’ interests that the company be placed into liquidation.
In its report to creditors, PPB Advisory said Linc Energy owed more than $298 million.
The report also found that charges brought by the Queensland Government resulted in a cash deficit because the company was unable to raise further capital.
In March, Linc Energy was committed to stand trial over an alleged gas breach at its Chinchilla trial site.
Queensland’s environment department accused the company of wilfully causing serious harm at its trial site on the Darling Downs.
Linc Energy was placed into administration a month later.
PPB A…
Read the full article at: http://www.abc.net.au/news/2016-05-13/administrators-of-linc-energy-recommend-the-company-liquidated/7414126