Regulatory approval clears way for Solid Energy liquidation
Regulatory approval of asset sale clears the way for Solid Energy liquidation
28 July 2017
Solid Energy is pleased that BT Mining Limited has received approval from the Overseas Investment Office for the purchase of the Stockton export coal operation and the two Waikato mines, Rotowaro and Maramarua, and looks forward to settling the transaction at the end of August.
Solid Energy Chief Executive Tony King said that this milestone represents the last major transaction in the company’s asset sale process and effectively signals the beginning of the company’s wind down process as it heads into solvent liquidation.
“Once the sale of these assets to BT Mining is concluded we will be progressively completing remaining operational and administrative activities by December 2017 prior to the company going into liquidation by March 2018,” said Mr King.
Mr King said that the liquidation of Solid Energy has been the planned outcome since the company entered a Deed of Company Arrangement with creditors in September 2015. That arrangement has seen the company’s land, mines and other assets sold to a range of purchasers.