Sharechat Logo

Pike River creditors grant 90-day reprieve

Thursday 25th November 2010 1 Comment

Text too small?

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



  General Finance Advertising    

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!
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.

Related News:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report