CuDeco receivers set date for binding offers

Written on the 21 October 2019 by Business News Australia

CuDeco receivers set date for binding offers

The receivers of embattled Gold Coast-based miner CuDeco (ASX: CDU) have seen expressions of interest from "a range of local and international parties" for a potential transaction to recapitalise the group.

In an announcement Friday evening, the receivers FTI Consulting noted their financial advisor Argonaut Securities had been seeking out interest.

"Argonaut and the Receivers have shortlisted a number of parties to conduct further due diligence with the expectation that parties that wish to submit a final binding offer in respect of one or more Potential Transactions will do so by 15 November 2019," FTI said.

"Further, funding has been made available to the Receivers by China Tonghai International Financial Limited, Noble Resources International Pte Ltd and Valuestone Global Resource Fund I LP via its subsidiary Gemstone 101 Ltd."

China Tonghai is the lender that appointed Kelly-Anne Trenfield, Ian Francis and Michael Ryan of FTI to be the joint and several receivers and managers of CuDeco.

The announcement follows two months without updates from CuDeco, its receivers or its administrators; the latter being Matthew Joiner and Jeremy Nipps of Cor Cordis.

On 23 August Cor Cordis told the market the first meeting of creditors was held on 17 July in Mt Isa, close to CuDeco's inactive Rocklands copper project where clean-up works have been underway.

"We're doing the removal of scrap metal as to a scope of works, but we're also doing a site clean-up because the site was left in a pretty redundant way," Dave Ford of Specialised Scrap Services Queensland (SSSQ) told Business News Australia in July. 

"So we're just removing all the rubbish, just making the site's ready to start work again."

In the August announcement, Cor Cordis confirmed an extension application was granted so that a second meeting must be held before or including on 2 February 2020.

Related story: CuDeco goes into receivership

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