Report by administrators

Suggest winding up but further discussions with those interested in assets of the company


Cant supply the link as you need to be a creditor to view ABC ran a small piece on it tonight but not the full facts

Linc Energy administrators recommend company be liquidated

Posted about an hour ago
PHOTO: Linc Energy could not raise capital after being charged with environmental damage. (ABC News)
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The administrators of Linc Energy say it is in the creditors' interests that the company be placed into liquidation.
In its report to creditors, PPB Advisory said Linc Energy owed more than $298 million.
The report also found that charges brought by the Queensland Government resulted in a cash deficit because the company was unable to raise further capital.
In March, Linc Energy was committed to stand trial over an alleged gas breach at its Chinchilla trial site.
Queensland's environment department accused the company of wilfully causing serious harm at its trial site on the Darling Downs.
Linc Energy was placed into administration a month later.
PPB Advisory found Linc Energy were solvent prior to the appointment of administrators and they could not identify any potential offences or liquidation recoveries.
The report found the rapid deterioration of global commodity prices impacted on Linc Energy's financial position.
An unwillingness of major shareholders to participate in Linc Energy's proposed restructure and recapitalisation created further pressure on the company, the report said.
A second meeting of creditors, scheduled to be held on May 23, could be adjourned for up to 45 days while PPB Advisory continues its investigation.