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Cudeco has entered into Voluntary Administration.

Matthew Joiner and Jeremy Nipps of Cor Cordis have been appointed Administrators.

The AXS announcement said, ‘Part of the purpose of the appointment of the Voluntary Administrator is to investigate the company’s affairs, report and provide opinions to creditors regarding any proposals which may be submitted by the directors or third parties and hold meetings of creditors to decide the future of the company.’

It followed the appointment of receivers, FTI Consulting early last week, which was also the appointed manager of the company.

The ASX announcement said receiver’s job is to complete a ‘comprehensive technical and financial review of the company’s Rockland’s Project and to explore all opportunities to maximise the value of the assets.”

That’s either through, ‘recapitalisation or restructure of the company, with a view to financing the resumption of income generating activities at Rocklands, or by a sale trade.’

Cudeco restructure goes one step further
One site at Rocklands

State MLA Rob Katter said last week that news of the company going into receivership was welcome in that it may help close a period of uncertainty.

He believed there were parties interested in taking over the Rocklands operation, which included significant infrastructure and held a good location.

“It has a lot going for it. I’m sure there will be some people that can see the benefits,” he said. “I know some bigger guys have been looking at it.”

The receivers said on Tuesday they had secured funding from a group of lenders to complete a technical and financial review of the Rocklands project.

‘A thorough technical and financial review of the project will be conducted, and the receivers’ and lenders’ immediate priority is to explore all opportunities to maximise the value of the assets, either through the recapitalisation or restructure of the company with a view to financing the resumption of income generating activities at Rocklands, or by a trade sale,’ the receivers said in a statement to the ASX.