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Friday, July 31, 2015

Solid Energy considers liquidation

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July 31:

State-owned coal miner Solid Energy is mulling three options for its future, one of which is total liquidation.

The company says no decision has been made and there is no timeline for the decision.

It has told staff three options are on the table.

"In our staff updates, we have explained that there are three potential paths for the company under consideration - some arrangement that would allow us to trade on, some kind of controlled sell-down, or liquidation," the company said in a statement today.

The Engineering, Printing and Manufacturing Union, which represents miners, expects a decision within weeks, Radio New Zealand reports.

Solid Energy has been badly hit by falling international coal prices and has shed hundreds of jobs during the last two years.

In February, the board said that it could see an issue coming to do with the company's ability to either repay or refinance its debt as it falls due from September next year, and had acted early in starting talks with its banks and shareholder.

Finance Minister Bill English has said previously that the government was working on the company's future viability.

Solid Energy still employs about 400 people.


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