Solid Energy creditors to decide on speedy liquidation or two-year winding down

In New Zealand, about creditors of Solid Energy are preparing to vote on whether the company will be wound down, providing up to 40 cents on the dollar for the NZ$400 million in debt the company owes, or an immediate liquidation that could see creditors get only about 20 cents on the dollar. The state-owned mining giant fell into financial ruin after leveraging debt for expansion into biofuels, wood pellets, wood lots and other energy projects based on high global coal prices that then collapsed.

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