Solid Energy in talks with banks as finances deteriorate

Thu, 21 Feb 2013

Feb. 21 (BusinessDesk) - Solid Energy, the state-owned coal miner whose chief executive quit this month, is in talks with its banks because of its deteriorating financial position. The coal miner, which is carrying some $389 million of debt, is heading for a “significant” first half loss, chairman Mark Ford said in a statement. “We are in discussions with our banks and Treasury on the debt and equity support required for future operations of the business,” Ford said. “A restructuring and turnaround plan for the company is being prepared by th...

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