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(L-R) Roy McGregor and Boofa Callanan presented Best Utility to Aaron Price (L-R) Megan Smith was named Best Utility, seen with Coaching staff csg Aboutusgeneric_2 fifo (L-R) Dwayne Parsons was awarded Best Back Greg Byrne, Downing; Ian Reed, QNP dragline Aboutusgeneric_1 Best and Fairest was won by Rhys Giles mine (L-R) Players Player was won by Adam Stewart Steve Beale and Chris Dunphy, MIPEC Most Improved was won by Vicky Te Oka mining
(L-R) Roy McGregor and Boofa Callanan presented Best Utility to Aaron Price (L-R) Megan Smith was named Best Utility, seen with Coaching staff csg Aboutusgeneric_2 fifo (L-R) Dwayne Parsons was awarded Best Back Greg Byrne, Downing; Ian Reed, QNP dragline Aboutusgeneric_1 Best and Fairest was won by Rhys Giles mine (L-R) Players Player was won by Adam Stewart Steve Beale and Chris Dunphy, MIPEC

Hope for Baralaba mine
RESCUE plan least worst option for Cockatoo shareholders
Wednesday 24 February 2016  

ADMINISTRATORS of troubled coal miner Cockatoo Coal have recommended creditors accept a rescue package proposed by one of the company's major shareholders Liberty Metals & Mines (LLC).

Central to the recommendation is the fact that the deal being put forward by LLC will allows Cockatoo Coal to resume its mining operations with around $12 million in the bank and smaller creditors receiving the money they are owed.

“The estimated return to creditors is higher than any alternative scenario, and the proposal allows the companies to continue in existence,” administrators PPB Advisory said.  

Under the proposal - known as a Deed of Company Arrangement (DOCA) - Liberty if offering to provide a $100 million loan facility to Cockatoo in return for about 10 billion newly issued shares - slightly less than a third of all shares issued at present.

If accepted, $78 million of the $100 million debt facility will go toward paying creditors’ claims. This 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.

It is less good news for the larger unsecured creditors (more than $25,000) because they will most likely receive just the first $25,000 of the money owed to them, irrespective of what’s owed in total. The DOCA will have no effect on the rights of the secured creditors.

Creditors have until the 2nd March to accept the deal.

A fortnight ago, Cockatoo Coal’s Baralaba mine was shut down by the company's administrators  meaning about three-quarters of the companies last 100 workers lost their jobs.

In a statement - the administrators who were called in late last year - said the ongoing low coal prices and the effects of recent rain had forced the decision.


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