Government-owned Solid Energy,which employs around 700 staff, announces it is placing itself in voluntary administrationNew Zealand’s largest coalminer has been forced into a managed bankruptcy due to a steep topple in coal prices.
Government-owned Solid Energy announced on Thursday it was placing itself in voluntary administration, and a process it hopes will allow it to keep trading as it tries to sell its assets. Whether any of its coal operations remain viable will be up to any potential buyers to settle.
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Source: theguardian.com