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Solid Energy Voluntary Administration Process on Track

Solid Energy Voluntary Administration Process on Track

A first meeting of creditors of Solid Energy New Zealand Limited (SENZ) (Administrators Appointed) and its associated companies was held today in Christchurch – the first milestone in the five-week voluntary administration (VA) process.

At the meeting, creditors were asked to vote on two procedural matters in accordance with the statutory framework outlined in the Companies Act 1993:

• Whether to appoint a creditors’ committee, and
• Whether to replace the Administrators.

The creditors voted against forming a creditors’ committee and voted to retain the existing Administrators, Brendon Gibson and Grant Graham of KordaMentha.

The second creditors’ meeting – known as the watershed meeting – is being held on Thursday 17 September in Christchurch. At that time, all creditors will be entitled to vote on the future of the companies in VA.

Creditors will receive the Notice of Meeting and Administrators’ report one week prior to the watershed meeting, on 10 September. This report will include a full analysis and independent recommendation regarding the Solid Energy Board’s proposal that was released when the companies entered VA.

SENZ and the Administrators will be making no further comment on the VA process until the result of the watershed meeting is known.

To review the Solid Energy Board’s proposal terms, please visit www.solidenergy.co.nz

ENDS

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