Pike River creditors grant 90-day reprieve

Thursday 25th November 2010 1 Comment

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

On 25 November 2010 at 6:02 pm Ron Reichs said:

Support of this nature should happen more often between companies in difficult times. Well done!