McClay welcomes sensible outcome for Solid

State Owned Enterprises Minister Todd McClay has welcomed the decision by a majority of Solid Energy’s creditors to adopt the proposed deed of company arrangement.

“This has delivered the best outcome for creditors and staff, who have been through challenging times with the company,” says Mr McClay.

The Company’s Directors will now be responsible for running a process to sell the assets of the company. 

“I expect that this will provide an opportunity for those assets that are economically viable to continue trading under new ownership – a far preferable option to liquidation.

“The Crown has supported the sales process by agreeing that the environmental indemnity funding currently available to the company would also be available to any new owner,” says Mr McClay.

As at today, the total funding available under this arrangement is $135 million.

“I would also like to take the opportunity to note that Andy Coupe (previously Acting Chair) has been confirmed in the position of Chair of the Company, and that Keiran Horne has been appointed Deputy Chair.

“I wish to thank Solid’s Board, the Administrators, and all parties who have worked to find a resolution to this difficult situation,” says Mr McClay.