Solid Energy debt expansion was all its own work, say its former leaders

Thu, 14 Mar 2013

By Pattrick Smellie March 14 (BusinessDesk) - Solid Energy opposed the government's pressure to load more debt on its balance sheet in 2009, but the biggest driver of the $389 million debt that has driven the company into crisis were decisions of its own to invest in the open-cast Stockton and underground Spring Creek mines. The financially distressed state coal miner's former chairman and chief executive, John Palmer and Don Elder, spent nearly two hours being grilled by Parliament's commerce select committee on where blame lies for the fact...

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