Bowen Coking Coal has appointed Mark Holland and Shaun Fraser of McGrathNicol Restructuring as voluntary administrators. The decision follows the company’s inability to secure fresh capital or reach an agreement with BUMA and the Queensland government. Bowen Coking Coal is a Queensland-based company focused on developing metallurgical coal projects. Metallurgical coal is an essential component in steel production.
The embattled coal miner, whose shares were recently suspended from trading on the ASX, stated it was unable to negotiate alternative commercial arrangements with its two largest creditors, BUMA and the Queensland Revenue Office, and its senior secured lender. A contract dispute led Indonesian contracting giant BUMA…