The news: Financially distressed coal producer Bowen Coking Coal has appointed voluntary administrators from McGrathNicol Restructuring after it was unable to pay its two largest creditors BUMA Australia and the Queensland Revenue Office.
The numbers: Bowen previously told the market it was not in a position to pay BUMA’s total claims of $29.3 million and the $14.4 million in royalty payments owed to the Queensland Revenue Office (QRO).
The context: Bowen was not able to secure fresh capital from its senior secured lender or negotiate alternative commercial agreements with BUMA or QRO.
The decision to appoint administrators was taken after QRO on 29 July rejected the latest request for a short-term deferral of royalties. An initial…