Mining entrepreneur Tony Sage is close to finalising due diligence on Griffin Coal, the Australian coal miner that went into administration last month. Reports suggest that Mr Sage will make a play for the company at debt level. Griffin is thought to have unsecured debts of around $1 billion though Mr Sage suggested that it could be as high as $3 billion.
The move will be similar to his purchase of the debt of failed Queensland coal miner, Copper Co.
Once due diligence is completed Mr Sage will then talk to key stakeholders in the group.
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