Clive Palmer says he has “saved the Yabulu refinery for a second time” after snatching control of the Townsville nickel plant from administrators.
Key points:
- Palmer says Yabulu refinery “saved” after two companies join forces behind new manager Queensland Nickel Sales
- $23 million worth of assets to back manager
- Former manager Queensland Nickel still under voluntary administration, could still be liquidated
Mr Palmer told the ABC he would use $23 million of his own cash to back a replacement management company for the refinery, to be controlled by him and his nephew Clive Mensink.
However, major creditors were told during a teleconference today with ad…
Read the full article at: http://www.abc.net.au/news/2016-03-07/queensland-nickel-restructure-announced-by-administrators/7227266