Thyssen Schachtbau, Colrok’s owner, is owed the lion’s share of the debt at around $45 million. Among those owed money are Westpac ($3.3 million), UMS ($1.3 million), and Joy Mining Machinery (over $1 million). In addition, 160 miners are out of work and could lose around $3.5 million in entitlements.

Administrator David Leigh of Sims Lockwood said Colrok had various assets around Australia, including plant and equipment, as well as various debtors, but that it was too early to say how much would be recovered.

Colrok creditors met with administrators Sims Lockwood on January 17 and one of the issues creditors appear to have focused on is the level of involvement of the parent company, Thyssen. ILN understands that as late as December creditors had been sent letters from Colrok assuring them of the parent company’s continued support for its contracting subsidiary.

Leigh said it would be at least a couple of weeks before valuers could assess the full value of Colrok’s assets.