FTI Consulting to pursue interests in insolvent Bowen Coking Coal
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The news: Bowen Coking Coal, which entered voluntary administration on Wednesday, has notified the exchange that FTI Consulting has been appointed receivers and managers to pursue the interests of Global Loan Agency Services Australia.
The context: Bowen previously told the market it was not in a position to pay mining services firm BUMA Australia’s total claims of $29.3 million or $14.4 million in royalty payments to the Queensland Revenue Office. The miner also could not reach an agreement with its senior secured lender.
FTI Consulting’s Ben Campbell, John Park and Joanne Dunn were appointed as receivers and managers on Thursday, “pursuant to security interests in favour of Global Loan Agency Services Australia Nominees” in Bowen as well as subsidiaries Bowen PCI and New Lenton Coal.
The receivers and managers will work with administrators from McGrathNicol Restructuring on options for a potential sale and/or recapitalisation process.
FTI said the parties intend to “continue operations on a business as usual basis”.
The source: ASX
