A managed slowdown of Solid Energy's assets is tipped to bring 100c in the dollar to trade creditors and employees. Photo / NZPA
A managed slowdown of Solid Energy's assets is tipped to bring 100c in the dollar to trade creditors and employees. Photo / NZPA
It is a big day for the board of Solid Energy, with the coal company's shareholders deciding whether to accept its proposal of a gradual sell-down.
The company's 1500 shareholders have to decide whether immediate liquidation or a longer sell off of the company's assets over the next two yearsis the best option.
The debt-laden coal company's administrators Korda Mentha predict immediate liquidation would return around 20 cents on the dollar to all shareholders.
The board needs 50 percent support by number, and 75 percent support by value, from creditors to pass the proposal.
The shareholders meeting starts at 11.30am. West Coast residents are hoping for a controlled sell-down, with Buller District Mayor Garry Howard says a sell off is manageable.
He says it basically meant "a change in name tag" and locals would not lose out.
