WICET lenders make counter-proposal to tackle debt

WICET coal loader

Photo Contributed
WICET coal loader Photo Contributed Contributed

THE owners of Wiggins Island Coal Export Terminals have been dealt a new refinancing proposal from the facility's senior lenders who are owed $3.8 billion.

The proposal includes deferring the payment to junior lenders ($375 million) but the arrangement for senior lenders would remain the same, The Australian reported.

Last week, lenders rejected a proposal from WICET owners to extend the refinancing date by five years, as it scrambled to find a way to repay its debt or change contractual agreements before September.

Meanwhile Aurizon is continuing to consider a deal to purchase the Queensland facility.

An Aurizon spokesperson told The Observer the rail company was "watching the refinancing situation closely".

WICET is owned by miners Glencore, Yancoal, Aquila Resources and now Coronado Coal after it bought the Curragh coalmine from Wesfarmers.

Topics:  debt gladstone industry wicet wiggins island

Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

Roma's garden great takes to front cover

IN BLOOM: Lynne Pulsford of Bendemere Garden Club practising her passion.

Garden Club wins 2018 Yellow pages front cover.

What's on in Roma

Kate Kearnan, Sarah Taylor, Blair Musson and Courtney Bylett.

A list of things to do in Roma this weekend.

Gallery: Close shaves rake in cash

HAIR RAISING: RSC high school student Chelsea braves the shave, raising money for the Leukaemia Foundation.

Roma State College held its World's Greatest Shave event on Monday.

Local Partners