The sale of Solid Energy’s remaining operating coalmines terminates the Crown’s 114-year involvement in the coal industry.
The sale has been greeted positively by the company, with its press release noting that participating creditors “should see a return of approximately 60 cents in the dollar compared to the estimated 20 cents that creditors would have received if the company had gone into liquidation in September 2015”.
This is an incredibly positive spin on the woeful performance of the company over the past five years. Its disclosure has also been inadequate; taxpayers are entitled to far more information on the company’s asset sale process, particularly the price it received for its mines.
