Griffin assures workers despite collapse

Griffin Coal reassures workers of their jobs despite entering administration

Griffin Coal, Western Australia’s oldest coal supplier, has assured workers they will receive their entitlements despite entering into administration earlier this month.

Workers have been told the WA Government is negotiating an advance payment of $4 million to Griffin for coal and to provide short term job security.

It is not known how much Griffin owes its employees.

However, with debts projected to potentially be around $2 billion, administrator KordaMentha has taken control and begun reviewing the coal miner to decide whether to restructure or sell the collapsed business.

A spokesperson for KordaMentha has said it believes Griffin does have the cash flow to continue operations.

To date, the failed coal miner has received over 20 offers to buy the company from both local and international parties.

While Griffin’s power companies have not been placed in administration and are continuing to operate, they are also predicted to collapse if the coal supply stops from the mine.

Griffin mines more than five million tonnes of thermal coal annually.

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