Lifeline for driller

CREDITORS of embattled Hughes Drilling have been handed a $20 million lifeline in a deed of company arrangement proposal from turnaround fund Allegro and mining contractor NRW.

Lifeline for driller Lifeline for driller Lifeline for driller Lifeline for driller Lifeline for driller

NRW can use the deal to broaden its eastern states reach. It is already working at Middlemount.

However, it is likely they will take a haircut on what they are owed.

The deal is not for the entire Hughes Drilling business though, just its contract drilling business held in entities JSW and HD1.

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