Pike River creditors grant 90-day reprieve

Secured creditors of Pike River Coal have agreed to a 90-day stand-still on outstanding invoices as the company deals with the immediate priorities from the devastating mine explosions that are presumed now to have taken the lives of all 29 miners trapped in the mine last Friday.

The company's 29.4% shareholder, New Zealand Oil & Gas, also announced that it was making a $500,000 donation to "an appropriate charity" to support affected families and communities.

A trading halt on NZOG shares on the ASX will be lifted today. NZOG's shares fell 1.1% to 88 cents on the NZX, having tumbled 28% on November 23, when they resumed trading after being halted for the first explosion.

BusinessDesk.co.nz

Comments from our readers

Add your comment:

Your name:
Your email:	Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Anti-spam verification:

Type the text you see in the image into the field below. You are asked to do this in order to verify that this enquiry is not being performed by an automated process.

Related News:

EBOS announces appointment of new Chief Financial Officer
AM Best affirms Tower Limited's A- (Excellent) FSR
MCK enters into conditional agreement for Whangarei land
April 26th Morning Report
SPG - Change to Executive Team
BGI - Forgiveness of $200,000 of secured indebtedness
General Capital Subsidiary General Finance Market Update
AFT,Massey Ventures,Gilles McIndoe to develop scar treatmen
April 24th Morning Report
Cheers to many fewer grape harvest spills