Solid Energy enters final stages of liquidation process

By on March 20, 2018
Solid Energy enters final stages of liquidation process

Solid Energy New Zealand has entered the final stages of being wound up by going into solvent liquidation.

The state-owned enterprise entered voluntary liquidation in 2015 after owing $400 million to its creditors.

In 2015, the creditors voted for a deed of company arrangement (DOCA) that would see them and Solid Energy's employees paid in full over the next two and a half years.

"All the assets and things have been realised and its gone into solvent liquidation for the final wind up of Solid Energy," Brendon Gibson of KordaMentha said.

Solid Energy first started its downward spiral in 2013 when global coal costs plummeted, exposing its commercial error in carrying substantial debt on its balance sheet.

Read the full article by Luke Kirkness > The New Zealand Herald - nzherald.co.nz



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