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Shareholders back Boart plan

BOART Longyear shareholders voted to back its recapitalisation proposal at the company’s annual general meeting yesterday even though it means their stakes will be cut to just 2%.

Noel Dyson
The Wireless Sub, which Boart Longyear has a licence to commercialise.

The Wireless Sub, which Boart Longyear has a licence to commercialise.

Under the recapitalisation plan, which will get Boart off the hook for about $196 million of unsecured debt, Centerbridge, Ares Management and Ascribe II Investments will end up with 98% of the drilling...

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