The Australian
Kagara calls in administrators, suspends operations as it refinances
BY: SARAH-JANE TASKER From: The Australian April 30, 2012 11:41AM
EMBATTLED miner Kagara has been put into voluntary administration as it continues to struggle to refinance its debt.
The Perth-based miner announced today it had appointed Taylor Woodings as voluntary administrators, after suspending its shares from trading last week because it had failed to refinance a $40 million debt facility with ANZ.
Went thru this with CUO- Copper Co a few years back, one thing in Kagara's favour is mineral prices are up compared with the scenario during the GFC. Harder for the creditors & administrators to just dump the assets.
Be kind to yourselves and don't do your heads in if you hold with potentially significant losses.
Other issue to beware of is this will take at months to play out.
All the very best mb
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