BANKS owed more than $3.5 billion by Wiggins Island Coal Export Terminal have rejected its latest proposal to change its debt repayment agreement.
It is understood the Gladstone facility’s 19 lenders knocked back a proposal for a five-year extension to the September deadline to repay or restructure WICET’s $3.75 billion debt, sending the company back to the drawing board.
The Australian Financial Review reported lenders were worried there was no certainty the deal would help solve the underlying problem of the terminal’s high cost of use and its associated low volumes.
Glencore ships more coal out of WICET than any of the four other coal miners that own the asset: Yancoal, Wesfarmers, New Hope and Aquila.
In it…
Read the full article at: https://www.gladstoneobserver.com.au/news/wicet-turned-back-to-drawing-board-for-35bn-debt-r/3355671/
