Solid Energy report welcomed

State Owned Enterprises Minister Todd McClay today cautiously welcomed the report by Solid Energy’s Administrators that a Deed of Company Arrangement (DOCA) is the best way forward for the company.

“This is a much more positive recommendation than the alternative, liquidation, and is likely to offer the best outcome for staff and creditors,” says Mr McClay.

Under the proposal, trade creditors are to be paid in full and staff will have greater job certainty.

Mr McClay confirmed that the Crown would provide environmental indemnities to the previously announced amount of $137 million.

“This will be an important part of the consideration when creditors vote on the future of the company on the 17^th of September.

“I would like to thank the Administrators, Solid’s Board, the staff and all parties who continue to work tirelessly to find a resolution to this most difficult situation,” says Mr McClay.