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On termination, all amounts outstanding under the guarantee facility will become repayable.
The facility currently provides guarantees required to support the mining operations at Baralaba.
Further, under the terms of the notice, the company must provide ANZ with an update as to arrangements for repayment of the amounts outstanding on 16 November 2015 and 15 December 2015.
The option remains for the company to put to ANZ an alternative restructuring proposal, Cockatoo said.
“The company is exploring options for the refinancing of the amounts outstanding under the facility and will further update the market with any material developments,” it said.
In May this year Cockatoo said it had made significant redundancies with the casualties including chief financial officer David Smith, chief operating officer David Vink and company secretary Lee O'Dwyer.
The Queensland metallurgical and thermal coal producer said the redundancies were made to reduce overhead costs at the Baralaba mine and at the head office in Brisbane.
“These changes are part of a restructuring of the organisation and are not expected to adversely impact on the management of the company,” Cockatoo said.
“These employees will continue to serve the company during their notice periods. We thank them for their contributions to the company. The company will update the market on the new company secretary appointment when this is made.”
