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The extension date is now 30 May 2016.
There are a number of conditions that must be satisfied before the DOCA can be effectuated, the administrators said.
“The following conditions are expected to be satisfied by 30 May 2016: the release of the security held by each secured creditor other than LMM; and Cockatoo by its directors is unconditionally permitted to drawdown the New Debt Facility to raise the Deed Funding Amount.”
Cockatoo Coal will issue 10 billion new shares comprising 4 billion shares to JS Baralaba Wonbindi, in consideration for procuring that its related company, JFE Steel Corporation keep its current offtake arrangements on foot and vary those arrangements on terms acceptable to Liberty, and 6 billion shares to LMM at $0.001 per share in cash (which cash will be used to fund a $6.0 million establishment fee payable under the New Debt Facility).
Cockatoo, which was the owner of the Baralaba coal mine in Queensland, earlier this month paid out its workers in full.
