The debt according to the Administrators relates to future Take or Pay (ToP) provisions relating to WICET port which is $15 out of market per tonnes for port services, and Aurizon Above and Below rail costs - same same. These contracts were based on unrealistic mining rates which added the major burden to the company coupled with the falling coal prices. Then there is a bunch of other items that were wiped by the administration process.
If you go to the PPB website you can read the +200 page report on the car crash replayed in slow motion for you.
Short answer - good news looking forward / freeway crash looking behind.. but we got through unscathed.. albeit our price destroyed in the process... but better we live to fight another day.
Not often after so long in a coma you come out the other side intact... The administrators did a great job for us creditors and should be thanked for their surgeon like work to not kill the patient.
RT
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