THE administrator of Linc Energy would like to strike a deal which would let the stricken firm stay afloat.
PPB Advisory’s Grant Sparks said that he hopes a deed of company arrangement can be approved by creditors next month.
Creditors held the their first meeting in brisbane today, where they learned that Sparks has advertised Linc’s assets for sale and he hopes to start talks with interested parties next week.
Linc, which appointed PPB Advisory on April 15, has $US120 million in debts but Sparks said it was too early to say how much creditors might claw back.
The company also has numerous subsidiaries in the US which owe about $US370 million but there is no equity in those assets to benefit Australia creditors, he said.
About half of Linc’s 57 Australian staff have already been retrenched.
A second meeting of creditors has been scheduled for May 23, when they will decide whether to allow the company to keep trading under a scheme of arrangement or tip it in to liquidation.
Sparks said that, even though the State Government has banned Linc’s controversial “underground coal gasification’’ technology, there are still valuable intellectual property issues at play.
A month before bringing in PPB, Linc was committed to stand…
