trending Market Intelligence /marketintelligence/en/news-insights/trending/2zCKisDmxUZSz9Tcu5EZTg2 content esgSubNav
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Liquidators appointed to Mongolian Mining

Industry Top Trends 2021: Metals and Mining

Greenhouse gas and gold mines Nearly 1 ton of CO2 emitted per ounce of gold produced in 2019

Essential Metals & Mining Insights - September 2020

Essential Metals & Mining Insights - August 2020

Liquidators appointed to Mongolian Mining

MongolianMining Corp.'s application for appointment of joint provisionalliquidators was accepted by the Grand Court of the Cayman Islands.

The court has granted an order to appoint Simon Conwayof PwC Corporate Finance Recovery (Cayman) Ltd. and Christopher So Man Chun ofPricewaterhouseCoopers Ltd. as liquidators on a soft-touch basis, which willassist with the company's proposed restructuring of US$600.0 million worth of debt.

The board will continue to hold control over themanagement of the coal miner, with the liquidators monitoring the activities.

According to the July 21 statement, the liquidators' powersare limited to the company and do not extend to its subsidiaries.

Mongolian Mining's petition for the winding up of thecompany will be heard Sept. 1, it added.

One of Mongolian Mining's creditors, the Singapore branch ofBNP Paribas, appliedfor winding up the company and for the appointment of joint officialliquidators to the miner earlier in July, after Mongolian Mining gained thesupport of noteholders for the proposed restructure.