Whitehaven Wants Restructuring After Snafus At $735M Mine

Law360, New York (October 25, 2013, 3:21 PM EDT) -- Australia’s Whitehaven Coal Ltd. said Friday it needs to restructure debt on a 10-figure lending facility after permitting delays and environmental litigation on its biggest growth project, the AU$767 million ($735 million) Maules Creek mine, left it vulnerable to missing payment deadlines.

The disclosure comes as Whitehaven’s stock has tumbled 44 percent on the year, brought on mainly by soft coal prices that have only recently ticked up amid higher import demand in China and the Pacific market.

The Maules Creek project, a planned open-cut coal...
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