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Cockatoo Coal goes into administration

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World Coal,

Australian coal company, Cockatoo Coal, and three related companies – Baralaba Coal, Wonbindi Coal and Cockatiel Coal – have gone into voluntary administration, according to a company ASX announcement.

Administrators have been appointed from PPB Advisory and are working with the management team to “fully understand the options available,” said the statement. These options may include a restructure or recapitalisation of the group of companies “at an appropriate time”.

Cockatoo Coal produces both PCI metallurgical and thermal coal from the Baralaba Central mine in the Bowen Basin in Central Queensland. It is also working to expand the current output to the north – a project known as the Baralaba North Project.

In its latest quarterly report, the company said it had received notice from Australian and New Sealand Banking Group (ANZ), terminating an AUS$81 million bank guarantee facility on 15 January next year and requiring the repayment of all outstanding amounts.

The termination notion also required Cockatoo to update as to arrangements for repayment on 16 November.

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