Solid Energy insolvent, bank creditors support orderly selldown

Solid Energy insolvent, bank creditors support orderly selldown
By Pattrick Smellie Sept. 10 (BusinessDesk) - Solid Energy's banking backers can expect to get back between 35 cents and 40 cents in the dollar under a Deed of Company Arrangement that will allow the insolvent state-owned coal miner to be wound up and its saleable assets disposed of over the next two and a half years. A raft of banks, local authorities and businesses including Kiwirail, Fonterra and Port of Lyttelton have agreed in principle to the proposal, which will be put formally to a a "joint waterhsed meeting" to be held on Thursda...