Bens Creek to Go Into Liquidation
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Bens Creek Group, the metallurgical coal mine owner, has decided to liquidate the business after discussions with its advisers.
Hill Dickinson has been appointed for the process, with proceedings to commence immediately and an application to the courts to be made shortly.
A general meeting to be held on June 10 has been cancelled following this development.
In late May Bens Creek Group said it will appoint administrators. It comes after a detailed consideration of the company’s current financial situation found no viable proposals to deliver a stable solution to its challenges.
In light of this situation, “The board has now concluded that the company should consider being placed into administration or undertake an alternative insolvency process in order to protect the interests of creditors and other stakeholders”.
“It is not known at present how much, if any, value will be returned to shareholders following any administration or alternative insolvency process being undertaken for the company or the conclusion of the Chapter 11 process for the Chapter 11 companies,” said the statement from the coal miner.
Source: Proactive Investors
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