Millions claimed from collapsed CQ miner, WICET part owner
QUESTIONS over the future of the collapsed Caledon Coal will remain unanswered for another month while administrators work out the best way forward for the company's assets.
Caledon Coal Pty Ltd, the owner of Blackwater's Cook Colliery mine and a part owner of Wiggins Island Coal Export Terminal, was placed in administration earlier this year.
The Supreme Court approved administrator's PPB Advisory's application for an extension before the second creditors meeting, which will now be held on July 10.
The 87 pages of minutes from the first creditors meeting reveal millions of dollars in monetary claims have been made against the company, including a $24,955,191.06 claim by WICET.
PPB Advisory chair Grant Sparks said there were three likely causes of the administration: a flooding event at the Cook Colliery mine in March, liabilities from a financial agreement with WICET and difficulty raising capital.
"The directors believed the companies would no longer be able to meet all financial commitments as and when they fell due," Mr Sparks said.
PPB Advisory's Grant Sparks, Stephen Longley and Martin Ford are handling the administration of Caledon Coal and four related companies CC Pty Ltd, Blackwater Coal Pty Ltd, Bowen Basin Pastoral Company Pty Ltd and Guangdong Rising (Australia) Pty Ltd.
A committee of creditors was also agreed on at the first meeting, including Bill Bijoux from the Electrical Trades Union, Adam Guy from Collieries' Staff and Officials Association and Chris Newman from Construction Forestry Mining Energy Union.