Banks take $75M quasi-haircut on Solid Energy debt

Mon, 30 Sep 2013

By Pattrick Smellie Oct 1 (BusinessDesk) – Banks that lent unsustainable amounts of debt to state-owned coal miner Solid Energy are taking a $75 million “hair-cut”, dressed up as an issue of redeemable preference shares that may never be repaid. After eight months of negotiations between the Treasury and the group of Australasian and Japanese lenders to the troubled coal company, Finance and State-Owned Enterprises Ministers Bill English and Tony Ryall announced the broad terms of its restructuring. Fuller details will only become available...

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