New Zealand Report: Selwyn Manning joins Jane Reilly, Dave Penberthy and Mark Aiston on Australia’s Five AA breakfast show to discuss: Solid Energy Placed Into Voluntary Administration + All Eyes on Quade Cooper – Recorded live on 14/08/15.
SOE Solid Energy
One of the New Zealand Government’s state owned enterprises, Solid Energy, has gone into voluntary administration.
The move comes after a collapse of global coal prices and poor governance decisions drove the company into insolvency.
Solid Energy was once the poster company of profitable state enterprises.
But yesterday (Thursday) Finance Minister Bill English said: “The international coal price has fallen from over $320 USD per tonne in 2011 to around $85 USD per tonne now… This means there is no prospect of Solid being in a position to repay or refinance its bank debt, or invest for the future.”
In the last three years Solid Energy has accumulated a mountain of debt topping out at $305 million.
It has done so despite the Government supporting the company with $250 million of taxpayer funds,
By placing the company into voluntary administration, the board avoids being forced into liquidation or having creditors force it into receivership.
The mines will continue to operate and miners have been guaranteed work for a further five weeks. It’s a temporary move.
In mid September creditors will decide whether to freeze demands on the company. If they do, the Finance a Minister said Solid Energy will exit voluntary administration and undertake “an orderly sell-down of its assets over the next two and a half years”.
All Blacks V Wallabies (part II).
Last Saturday’s win by the Wallabies against the All Blacks was a punch in the eye for the world champs. But pundits over this side of the ditch largely agreed was a well timed wake up call.
This Saturday, at Eden Park, the All Blacks get to a chance to reclaim their reputation.
The last time the Wallabies beat the All Blacks at Eden Park in Auckland was way back in 1986 when the flamboyant Alan Jones was the Wallabies coach.
And when the Wallabies sing Advance Australia Fare in the Eden Park cauldron on Saturday, all Kiwi eyes will be on a guy called Quade Cooper, the Wallaby fly-half who grew up in the New Zealand forestry town of Tokoroa.
The guy is a Rugby star, especially when the forward pack is making ground.
The word is if Cooper can perform under the glare of the Eden Park crowd, he will be included in the Wallaby World Cup squad.
If he doesn’t, he won’t, and Alan Jones’ 29 year record will remain unbroken!