Indonesian billionaire Anthoni Salim is set to secure control of the vexed Windimurra van-adium project after convincing creditors, including noteholders owed $US335 million ($467.5 million), of his buyout plan.
Creditors of Midwest Vanadium and Atlantic Vanadium, the failed operating subsidiaries of listed vanadium hopeful Atlantic, approved the deal on Friday.
Final details remain unclear but Mr Salim’s proposal, through the listed Atlantic vehicle which he controls, was to pay $250,000 to buy the mothballed and fire-damaged Windimurra operation, near Mt Magnet, from receivers Ferrier Hodgson.
The financial return for unsecured creditors of Atlantic’s two collapsed subsidiaries is less than 1¢ in the dollar. It is unclear what noteholders will receive, or have received, from more than $90 million in insurance payouts after a fire two years ago gutted Windimurra’s processing plant.
In a brief statement yesterday, Atlantic said the buy-out of Windimurra remained subject to numerous conditions.
