WICET coal loader

Photo Contributed
WICET coal loader Photo Contributed Contributed

WICET lenders make counter-proposal to tackle debt

THE owners of Wiggins Island Coal Export Terminals have been dealt a new refinancing proposal from the facility's senior lenders who are owed $3.8 billion.

The proposal includes deferring the payment to junior lenders ($375 million) but the arrangement for senior lenders would remain the same, The Australian reported.

Last week, lenders rejected a proposal from WICET owners to extend the refinancing date by five years, as it scrambled to find a way to repay its debt or change contractual agreements before September.

Meanwhile Aurizon is continuing to consider a deal to purchase the Queensland facility.

An Aurizon spokesperson told The Observer the rail company was "watching the refinancing situation closely".

WICET is owned by miners Glencore, Yancoal, Aquila Resources and now Coronado Coal after it bought the Curragh coalmine from Wesfarmers.



How far your property dollar goes in the regions vs big city

premium_icon How far your property dollar goes in the regions vs big city

There is a clear winner when it comes to getting bang for your buck.

New police vehicle to put the sting in to traffic offenders

premium_icon New police vehicle to put the sting in to traffic offenders

The vehicles have been in the region since last month.

'Heartbroken': Centre remembers friendly turtle Frankie

premium_icon 'Heartbroken': Centre remembers friendly turtle Frankie

Quoin Island Turtle Rehab's sad goodbye to Frankie.