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Not-so-solid future for Solid Energy

Not-so-solid future for Solid Energy

The fate of Solid Energy was the focus for this afternoon’s Post-Cabinet press conference in Wellington.

Prime Minister John Key said the company was in a precarious position but there is “quite of work being done behind the scenes to see what the next step is in the process.”

Key said the Government is conscious of important stakeholders such as employees, creditors and the banks, however ultimately it is the banks’ debt and hence their decision on the future of the company.

“Because the banks control the process it’s a call for them to make.”

Key said liquidation was not a preferred option for the government but that it was again, the banks’ call to make.

The Government has not ruled out non-financial support but Key would not go into detail about what specifically this would entail.

He predicts a resolution in the next few weeks.

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