Gloucester coal were formerly known as CIMCIM went down in a...

Gloucester coal were formerly known as CIM
CIM went down in a screaming heap by hedging the dollar.
Cant remember of be bothered trying to look up how much it cost them, but it was 10s of millions if not hundreds of millions.
Cim was only saved by UK coal taking them over & managing the company for many years... with further capital injected to pay back their hedging book.

This time they have only hedged a % of the whole shooting match, which the financial gurus always deem to be "prudent "
But hedging has brought a great number of otherwise finacially sound companies undone.
(write your own list here... LOL )

Always easy to see if it was right or not with hindsight.

Cheers

Bendigo