Queensland based Baralaba Coal, formerly known as Cockatoo Coal, has entered into voluntary administration this week, the second time this has happened in as many years.
This comes after the company failed to raise $77 million with a share entitlement offer.
Baralaba Coal appointed Jason Preston, Shaun Fraser and William Harris, all partners of McGrathNicol, as the administrators.
“The objective of administrators is to work closely with management, employees, suppliers and customers to quickly stabilise operations and to determine the appropriate strategy for the business,” Baralaba Coal said.
The administrators will work with the company’s management team to “understand the options available to the company”.
Administrators were appointed at the then Cockatoo Coal in 2015 after ANZ said it would end the company’s $81 million bank guarantee. As a result, the company’s Baralaba North mine was placed in care and maintenance, with around 75 workers losing their jobs.