Information for creditors of Paladin Energy Limited, Paladin Energy Minerals NL and Paladin Finance Pty Ltd.
Information for creditors of Paladin Energy Limited.
This page contains information for creditors of Paladin Energy Limited, Paladin Energy Minerals NL and Paladin Finance Pty Ltd.
|Appointment type||Joint & Several Administrators – 3 July 2017 to current|
|Appointees||Matthew Woods, Hayden White and Gayle Dickerson|
|Companies subject to Administration||Paladin Energy Ltd ACN 061 681 098
Paladin Energy Minerals NL ACN 073 700 393
Paladin Finance Pty Ltd ACN 117 234 278
On Monday, 3 July 2017, Matthew Woods, Hayden White and Gayle Dickerson of KPMG were appointed as Joint and Several Administrators (“the Administrators”) of Paladin Energy Ltd, Paladin Energy Minerals NL and Paladin Finance Pty Ltd (collectively “the Companies”) by the respective boards of directors.
Voluntary administration is a statutory process designed to provide for the business, property and affairs of an insolvent company to be administered in a way that maximises the chances of the company, or as much as possible of its business, continuing in existence, or if that is not possible to provide for a better return for a company's creditors and members than if the company was immediately wound up.
The appointment of administrators followed protracted negotiations between Paladin Energy Limited and key stakeholders. A major unsecured creditor effectively withdrew its support on Saturday, 1 July 2017, by providing notice that it would not agree to any standstill in relation to a prepayment agreement. The directors of Paladin Energy Ltd then resolved to appoint Administrators the next business day, being Monday, 3 July 2017.
The Administrators are currently and will continue to work with the Companies’ senior management team, secured lenders, suppliers and offtake partners whilst a recapitalisation proposal is being developed, and will maintain regular contact with all key stakeholders throughout the process.
During this period, the Administrators intend to continue to operate the business as usual.
On Thursday, 13 July 2017, the Administrators held a concurrent meeting of creditors in accordance with section 436E of the Corporations Act 2001 (“the Act”). The purpose of this meeting was to allow creditors to determine whether a committee of creditors should be appointed and to consider the appointment of an alternative administrator should such a resolution be put before the meeting.
At this meeting, the creditors of Paladin Energy Ltd elected a committee of creditors comprising of seven members. No committees were formed for the remaining two entities.
Further, no creditors presented a consent to act for an alternative administrator to replace the current Administrators.
Please find below all relevant links for creditors of the Companies.
Creditor Information and circulars
Please find below relevant creditor material:
Circulars to creditors
Shares in Paladin Energy Ltd (ASX:PDN) are currently suspended from trading pending resolution of the administration. Transfers of shares must be approved by the Administrators, or the Court.
Please continue to monitor ASX Announcements.
The Australian Securities & Investments Commission provides resources on insolvency for directors, practitioners, employees, creditors and investors.