Finance Finance News Coalpac goes into administration

Coalpac goes into administration

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Coalpac, the company behind a controversial mining proposal near Lithgow, has gone into administration.

The Department of Planning this month recommended a proposal to consolidate and expand Coalpac’s operations at Cullen Bullen be refused.

The Planning Assessment Commission made a similar recommendation earlier this year, but a final decision on the project hasn’t been made.

Coalpac Limited along with CET Resources, Portland Road Pastoral Company and the Lithgow Coal Company have now gone into administration.

The Australian Securities and Investments Commission says administrators, McGrath Nicol were appointed on October 18.

A creditors meeting is scheduled for next Wednesday in Sydney.

The first meeting will be used to confirm the administrators appointed and decide whether a committee of creditors should be created.