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.

PHOTOS: Meet our kindy students

Newrybar Public School

My First Year commemorates the start of school for kinders

Johnny Cash tribute will take you back to Folsom Prison

COUNTRY: Singer Daniel Thompson as Johnny Cash.

Johnny Cash The Concert Revisits Johnny Cash at Folsom Prison

Local Partners