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At the second creditors' meeting conducted simultaneously in Darwin, Perth, Sydney and Auckland on Friday, Scott Kershaw, a partner of administrator McGrath Nicol & Partners, said nearly all the HWE businesses had been sold, realising nearly $A150 million to pay creditors.
If the sale of HWE Mining is successful, creditors of HWE's mining-related companies are likely to receive A55c in the dollar under a deed of company arrangement (DOCA), according to an AAP report.
The mining arm contributed $A695.7 million, or about 62% of HWE's total revenue, in the year ending June 30 2004. The sale of the main revenue earner is expected to be finalised in October this year.
Creditors, including US bondholders and Australian commercial banks, will vote at a meeting within 60 days on whether to adopt a DOCA or put the companies into liquidation.
Twenty-six companies under HWE went into administration in January when the contractor could not meet the payments for the $US1.2 billion Kaltim Prima Coal's Bengalon contract in Indonesia.
About 6000 creditors are believed to be owed about $A360 million from the HWE companies. There is unlikely to be any return to shareholders.
