ABCD
Advisory ABN: 51 194 660 183Level 38 Tower Three 300 Barangaroo Avenue
Sydney NSW 2000
P O Box H67 Australia Square Sydney NSW 1213
Australia
Telephone: +61 2 9335 7000
Facsimile: +61 2 9335 7001
DX: 1056 Sydney www.kpmg.com.au
Circular to Creditors, Noteholders, and Employees |
24 November 2016 |
Dear Sir/Madam |
Our ref | 28104518_3 |
I refer to previous correspondence and communication regarding the Company since our appointment on 8 September 2016, the first meeting of creditors held on 20 September 2016, and our circular to creditors dated 5 October 2016 notifying you of an extension of the convening period to 30 November 2016.
We wish to advise that on 24 November 2016, with the approval of the Committee of Creditors, the Administrators have sought and obtained further orders from Master Sanderson in the Supreme Court of Western Australia for a further extension of the convening period with respect to the Company from 30 November 2016 to 16 January 2017, pursuant to section 439A(6) of the Corporations Act 2001 (Cth.) ("the Second Orders").
Since our circular to creditors dated 5 October 2016, the Receivers have conducted an expression of interest campaign and commenced negotiations with a shortlist of interested parties. The Administrators have also commenced an investigation into the affairs of the Company. The Second Orders provide the Administrators sufficient time to finalise their investigations and form a view as to potential returns to creditors through liquidation, and to allow the Receivers and Administrators sufficient time to receive and consider binding proposals to restructure and recapitalise the Company. The effect of the Second Orders is that the second meeting of creditors of the Company ("the Second Meeting") may now be convened at any time up to 16 January 2017.
Notwithstanding the extension, the Administrators intend to finalise negotiations and call and hold the Second Meeting as soon as is practicable.
We advise that the Orders grant liberty to any person who can demonstrate sufficient interest, including any creditor of the Company or the Australian Securities and Investments Commission, to apply to the court to modify or discharge the Orders.
Should you require any further information with respect to the above, please contact the Administrators via AU-FM-kbl-mining@kpmg.com.au and continue to refer to ASX announcements for any further updates.
Yours faithfully
Matthew Woods
Joint and Several Administrator
KPMG, an Australian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.
Liability limited by a scheme approved under Professional Standards Legislation.
KBL Mining Limited published this content on 24 November 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 24 November 2016 05:24:05 UTC.
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