Didn't they just take possession of $37M? They shouldn't be under any imminent threat of going bust.
This from the last quarterly:
The Company has received $37.0 million of restricted cash which is being used for working capital and development purposes. The Company continues to manage its cashflow and is also in discussions with various parties regarding the provision of mezzanine finance, the sale of a stake in the Baralaba project, non-core asset divestments, and other innovative infrastructure funding arrangements.
My feeling is this is probably either mezzanine finance or the sale of a stake in Baralaba. In this market, non-core stranded coal assets are worthless.
COK Price at posting:
1.4¢ Sentiment: None Disclosure: Held