QPM Energy Limited and 16 related entities have entered voluntary administration, with secured creditor Dyno Nobel Limited separately appointing receivers and managers over seven companies holding the group’s gas-producing operations.
Mark Holland and Anthony Connelly of McGrathNicol were appointed voluntary administrators on 7 July. Chris Hill and Ben Campbell of FTI Consulting were subsequently appointed receivers and managers under Dyno Nobel’s first-ranking security over QPM’s gas assets. The appointments leave the administrators responsible for the wider corporate group while the receivers control the secured operating assets.
The officeholders said they intend to work together to maintain operations while conducting an…