Two other former WICET stakeholders Bandanna Energy and Cockatoo Coal have also gone bankrupt.

The export terminal is also owned by Glencore, Wesfarmers Resources, Yancoal Australia, Aquila Resources and Northern Energy Corporation. 

WICET needs to repay 19 of its lenders an estimated $3.9 billion. 

It is believed Fort Street Advisers is working for WICET, and advisory firm McGrath Nicol has been engaged by the lenders.

WICET was planned to provide additional export capacity at the Port of Gladstone to service new mines and expansion of existing mines in the Surat and southern Bowen Basins.

PPB Advisory’s Grant Sparks, Stephen Longley and Martin Ford have been appointed administrators of Caledon Coal and four related companies CC Pty Ltd, Blackwater Coal Pty Ltd, Bowen Basin Pastoral Company Pty Ltd and Guangdong Rising (Australia) Pty Ltd.

“PPB Advisory is currently undertaking an urgent review of Caledon and will work with stakeholders to assess the current position of the company and opportunities to restructure the business for the future,” PPB said.

“It is the intention of the administrators to place Caledon’s operations into care and maintenance during the administration period.

“The administrators will investigate the affairs of Caledon and will report their findings to creditors.”