Receivers appointed to Pike River Coal Limited

Monday 13 December 2010

Receivers appointed to Pike River Coal Limited

John Fisk, David Bridgman and Malcolm Hollis, partners from PricewaterhouseCoopers, have today been appointed receivers of Pike River Coal Limited. This appointment follows discussions by Pike River Coal Limited with New Zealand Oil and Gas. After an extensive review of the options available to them, a formal request from the Board of Pike River Coal Limited was made to appoint receivers.

John Fisk said “we acknowledge this will be disappointing for the Greymouth community which is already suffering from the recent tragic events. Yet, the receivership will enable a full consideration of the options available to the company in regards to the recovery effort and to preserve the value of the assets.”

Mr Fisk further noted the receivers will be co-operating with the various inquiries being conducted.

The receivers will be meeting with employees from Pike River Coal Limited on Tuesday this week to brief them on their position and will be focused on making a payment to employees prior to Christmas.

ENDS

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