Pike River creditors grant 90-day reprieve
Nov. 25 (BusinessDesk) – Secured creditors of Pike River Coal Ltd. have agreed to a 90-day stand-still on outstanding invoices as the company deals with the immediate priorities from the devastating mine explosions that are presumed now to have taken the lives of all 29 miners trapped in the mine last Friday.
The company’s 29.4% shareholder, New Zealand Oil & Gas Ltd, also announced that it was making a $500,000 donation to “an appropriate charity” to support affected families and communities.
A trading halt on NZOG shares on the ASX will be lifted today. NZOG’s shares fell 1.1% to 88 cents on the NZX, having tumbled 28% on Nov. 23, when they resumed trading after being halted for the first explosion.