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Liquidators appointed to Mongolian Mining

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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.