LIQUIDATION is possible for a collapsed central Queensland coal miner, a creditors’ report has revealed.
Winding up Caledon Coal was recommended by administrator PPB Advisory at the last creditors’ meeting.
The Cook Colliery mine owner and Wiggins Island Coal Export Terminal part-owner was placed into administration earlier this year with a debt of about $4billion.
It owes its employees $22million and WICET more than $24million, according to the report.
While attempts to sell the company’s assets, including Cook Colliery, have been unsuccessful so far, eight “highly conditional” offers have been made.
PPB Advisory is negotiating with potential buyers to see if “any of these offers are better than the ex…
Read the full article at: https://www.gladstoneobserver.com.au/news/liquidation-possible-for-cq-coal-miner-in-4bn-debt/3199270/