Ann: Appointment of Receivers and Managers, page-232

Hi ssm, just a few days ago gold miner, GCY, came out of voluntary administration and opened for trading again after more than a year. Leading into this was a year of solid results, rising gold prices, and a capital raising priced at around half the previous trading price (?) which all investors were invited to participate in followed by a 20 to one share consolidation.
Coincidentally AJM’s contractor, NRW Holdings is the contractor there too.
In the case of GCY, NRW paid a very large part in supporting the company back to refinance and relisting, including loans and more (I suspect also offering the services of its’ very fine CFO ).
It worked closely with the administrators at every step of the way.

Some major differences to this situation and that one are that shortly before the VA a capital raise was completed but they worked out it would not sustain the company until it reached better gold levels and called the administration immediately rather than dragging things out.
So they had cash in hand.
Then, because of the VA, thedging contracts (at a very low price per oz in the rising market ) were able to be nullified and the lenders ( banks) agreed to trust and wait.
Also the administrators were FTI Consulting, not Korda Menthe which I gather does not have such a good reputation.
Finally I think it was GCY itself which appointed the administrators not - as in the case of AJM - a lender specialising in ‘distressed companies’.

Good luck to you and all and fingers crossed for a happy outcome.

cheers

PS as further proof this has come as a complete surprise to all, NRW as recently as yesterday was advertising for multiple people to work at Altura via an ad placed on Seek on October 22

Spoiler : See it here

It has since been taken down.