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Article: Creditors allow Croesus more time for rebuilding.
- Article from:
- Australasian Business Intelligence
- Article date:
- July 20, 2006
CopyrightCOPYRIGHT 2006 News provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: John Phaceas
Jul 20, 2006 (The West Australian - ABIX via COMTEX) -- Creditors of failed Western Australian gold miner Croesus Mining have given administrators at least another five months to recoup their money. Creditors owed more than $A65m have approved a holding deed of company arrangement, which will allow administrators from Pitcher Partners Corporate Advisory to consider recapitalisation proposals and potential takeover offers. It was noted by administrator Vincent Smith that the holding deed would allow additional inquiries into the hedging contracts with Mitsui and Macquarie Bank, which prompted the company's collapse. The administrators had ...
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