Creditors to meet for sale of Baralaba mine
COCKATOO Coal's creditors are set to meet on March 1 to vote on a deed of company arrangement regarding the sale of Baralaba mine.
The Observer understands that Boston-based minerals group Liberty Metals and Mining, already a cornerstone investor in Cockatoo, is the company that will be proposed to creditors as a buyer.
The new owners are set to inject $106 million into the company, with $78 million of that amount to go directly to creditors.
Banana Shire Mayor Ron Cariage said Cockatoo Coal had confirmed to him that unsecured creditors - small businesses owed up to $2500 - would be paid in full, or pro rata if there were insufficient funds.