This from "The Scoop" Feb 16...

This from "The Scoop" Feb 16

http://www.scoop.co.nz/stories/BU16...better-shape-than-1-aussie-coal-miner-ceo.htm

"The state-owned coal miner owed about $414 million to unsecured creditors as at Sept. 17, while secured creditors were owed about $58 million and priority creditors $5.7 million, according to a KordaMentha report. Creditors agreed to return control of the company to its board and management for an orderly sale of assets after Solid Energy was placed in administration last August."

further

"The state-owned coal miner owed about $414 million to unsecured creditors as at Sept. 17, while secured creditors were owed about $58 million and priority creditors $5.7 million, according to a KordaMentha report. Creditors agreed to return control of the company to its board and management for an orderly sale of assets after Solid Energy was placed in administration last August."

and further

"
"By the end of the calendar year we will know whether, substantially, the assets will be able to be sold or not," he said.
Solid Energy is being offered either as a whole or in three parts. Stockton is the most difficult sell. But the other two businesses - North Island domestic and South Island domestic may have better prospects. North Island output is underpinned by demand from the New Zealand Steel business and three or four big dairy factories that aren't on gas, and production is based on a mature mine. Output from the unprofitable Huntly East mine has been substantially wound down.
Its South Island business benefit from the lack of reticulated gas and the fact that new dairy factories are being built that need coal, adding to existing customers such as Fonterra Cooperative Group's Edendale site.
Under the Deed of Company Arrangement agreed last year, Solid Energy's banks can expect to get back between 35 cents and 40 cents in the dollar when the insolvent state-owned coal miner is wound up and its saleable assets disposed of in a plan expected to take two and a half years. The banks and other creditors opted for an orderly selldown over a liquidation, which KordaMentha had estimated would likely yield between 15 cents and 20 cents in the dollar.
The company was placed in voluntary administration last year after concluding that it had no realistic prospect of refinancing $239 million of debt facilities."

So

Stockton" The most difficult to sell".   A Bargain in the offing?
  Stockton is mainly for Export; No competition issues here

North Island and South Island Domestics business have better prospects. The South Island business must be of interest but would restrict competition (is this a factor)
North Island assetts?

As things have improved since Feb maybe the dire nature of this report have lessened but overall the difficulty of selling the assets will mean limited interest. Interesting weeks ahead.

Viney