BANDANNA SUBSIDIARIES FALL INTO ADMINISTRATION

Written on the 19 February 2015

BANDANNA SUBSIDIARIES FALL INTO ADMINISTRATION THE fate of Bandanna Energy (ASX: BND) remains under a cloud after 15 subsidiaries of the mining hopeful were placed into administration today.

The move comes four months after Bandanna was placed into voluntary administration as the company failed to reach an agreement with financiers for the controversial $1.2 billion Springsure Creek underground coal mine near Emerald.

Administrators Grant Sparks, Martin Ford and Philip Carter, of PPB Advisory, had originally sought to work with management to explore options to sell the business and assets, or to restructure or recapitalise the group.

In a letter to shareholders in January, the administrators said they were "obtaining valuations of the company's assets with the intention to commence a sale of business process in early 2015".

The Springsure mine obtained federal government approval but had been opposed by local farmers concerned at the loss of prime agricultural land. The mine was to have a 40-year life and employ about 600 workers.

In a brief statement today, the administrators say they have been appointed to oversee the affairs of 15 Bandanna subsidiaries.

A second meeting of creditors is not due until October at the latest following a court application late last year by the administrators to extend the convening period.

Earlier this month directors Terry O'Reilly and Gordon Saul resigned from the Bandanna board.



Latest News

FORMER MFS EXECUTIVES HIT WITH DISQUALIFICATIONS AND MASSIVE FINES FOR MISAPPROPRIATING FUNDS

FIVE key players involved in an investment company that collapsed in 2008 owing $2.5 billion have been ordered to ...

SURFSTITCH BATTLING FOR SURVIVAL

QUEENSLAND based online retailer SurfStitch Group has gone into a voluntary trading halt for three months after it wa...

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

THE AMBITIOUS PLAN TO TURN A COLLAPSED FRANCHISE INTO AN EXPANDING BUSINESS

AUSTRALIA'S newest master franchise is set to launch in October as a commercial cleaning operation, resurrecte...

Related News

STARTUP SUCCESS BOILS DOWN TO PERSONALITY, SAYS EXPERT

THOSE who own startups will know that there are many essential qualities of a good entrepreneur; their tenacity, fina...

SLATER AND GORDON TAKES SPOTLESS TO COURT

SPOTLESS Group (ASX: SPO) has been hit by a class action launched by Slater and Gordon (ASX: SGH) in the Federal C...

TOPSHOP GOES INTO ADMINISTRATION AMID VOLATILE RETAIL MARKET

TOPSHOP has become the latest in a string of retailers blasted by the volatile retail market, as the iconic fashio...

SIGMA'S SHARE PRICE TAKES A BATTERING AS IT LAUNCHES LEGAL ACTION OVER SUPPLY DEAL

SIGMA Healthcare (ASX: SIG) has taken the MyChemist and Chemist Warehouse chains to court to demand they continue to ...

BOOK YOUR FUNCTION SPACE HERE

 

 

 

Contact us

Email News Update Sign Up Contact Details
Subscriptions

PO Box 2087
Brisbane QLD 4001

LoginTell a FriendSign Up to Newsletter