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Aboutusgenericimage_3 Greg Byrne, Downing; Ian Reed, QNP Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup csg (L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. (L-R) Tony, Jackie, Daly, Layla and Ruby Smith. The Paul McGuire Memorial Dachshund Race raised over $4000 for the RACQ Capricorn Rescue Helicopter Service. (L-R) Tiffany Maskel, Senior Youth Girls runner up Maddison Hite, Senior Youth Girls winner Nicola Pickering and Ben Hungerford. (L-R)Tina Vebel, Merill Bulst and Nick Bulst (L-R) Trackside with Isaac Regional Councillor Jane Pickles Mayor Anne Baker and Deputy Mayor Geoff Bethel at the 2017 Middlemount Race Day on Saturday, August 5. Steve Beale and Chris Dunphy, MIPEC Construction Port Aboutusgeneric_2 fifo
Aboutusgenericimage_3 Greg Byrne, Downing; Ian Reed, QNP Jo-Anne Burke, DB Scaffolding; Susan McGuire, Mayogroup csg (L-R) Burdekin MP and LNP candidate for the seat of McMaster Dale Last with Middlemount Race Club Committee President Donald Black and winning trainer Tim Cook. (L-R) Tony, Jackie, Daly, Layla and Ruby Smith. The Paul McGuire Memorial Dachshund Race raised over $4000 for the RACQ Capricorn Rescue Helicopter Service. (L-R) Tiffany Maskel, Senior Youth Girls runner up Maddison Hite, Senior Youth Girls winner Nicola Pickering and Ben Hungerford. (L-R)Tina Vebel, Merill Bulst and Nick Bulst (L-R) Trackside with Isaac Regional Councillor Jane Pickles Mayor Anne Baker and Deputy Mayor Geoff Bethel at the 2017 Middlemount Race Day on Saturday, August 5. Steve Beale and Chris Dunphy, MIPEC Construction Port

Cockatoo miner payday
BUT local businesses still waiting on creditors to sign the dotted line.
Wednesday 04 May 2016  

SEVENTY five former employees of Cockatoo Coal near Baralaba are expected to be paid out their entitlements by the end of this week, despite ongoing delays in the application of a rescue plan for the troubled miner.

In a statement by administrator Stephen Longley from PPB advisory, they said the money will be paid out shortly.

“The deed administrators further note that sufficient funds are now available to make a distribution to the employees of Cockatoo Coal Ltd, that have been made redundant since the appointment of the administrators,” he said.

“This distribution which will pay employees their entitlements in full, will be made on or before the 6th May 2016.”

After going into administration in January, Cockatoo Coal was offered a rescue package - known as a deed of company arrangement (DOCA). Under the DOCA a $100 million loan facility lifeline by shareholder Liberty Metals & Mining Holdings was offered in return for about a third of all shares issued in the company and its subsidiaries.

Seventy-eight million of the $100 million debt facility will go toward paying creditors’ claims, which is particularly good news for terminated employees and small unsecured creditors, (owed up to $25,000) because they are likely to be repaid in full.

However, large unsecured creditors like the remaining partners in the Wiggins Island Coal Export Terminal (WICET) and Aurizon will have to write off millions of dollars of bad debt.

However the approval of that DOCA, which should have already occurred - has been delayed because several of Cockatoo Coal's creditors are yet to release their security over the company, which is a key requirement before the rescue plan can kick into gear.


 

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