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The Administrators announced that Peter Kane would no longer continue as CEO of the company on May 13.
“The Cockatoo board express their sincere appreciation to Peter Kane for his valuable contribution to COK and wish him every success in the future,” they said.
The Cockatoo deed of company arrangement executed on 15 March 2016 (DOCA) has now been put in to effect and the deed administration of the companies has consequently terminated in accordance with the DOCA terms.
Day to day management and control of the companies has now reverted to its directors.
The Deed Administrators on behalf of Cockatoo Coal have issued 10 billion ordinary shares in the company.
Approximately $73.1 million of the proceeds were used to meet amounts payable to creditors under the DOCA (including an amount sufficient to ensure that COK and its subsidiaries have a total of approximately $35.5 million on deposit with ANZ to fully cash back all outstanding bank guarantees remaining on issue for the benefit of Cockatoo and its subsidiaries).
The remaining proceeds of approximately $26.9 million will be available to Cockatoo for working capital purposes subject to the terms of the new debt facility.
