Sponsored by
UK Coal ready to implement overhaul
UK Coal said it is close to putting its complex restructuring into action after winning the backing of shareholders.
The Doncaster-based miner said it has changed its stock market listing from premium to standard, a key element of proceeding with the restructuring, writes John Collingridge.
“The substantive terms and conditions of this complex restructuring have now been agreed and are in a form substantially similar to those set out in the circular,” said the embattled mining and property group.
“UK Coal anticipates that the restructuring will be implemented over the coming weekend and will notify the market of the outcome of this process early next week.”
The debt-laden company won the backing of shareholders in November for its turnaround.
Effectively a debt-for-equity swap with its pension funds, shareholders will be left with less than a quarter of the group’s brownfield property business. Earnings from its mines will be ring-fenced and ploughed into the pension schemes.
The complex plan was drawn up to fund its £430m pension deficit, invest in its mines and develop its land portfolio.
Email to a friend
Print this page- McDermott reveals pre-season plans for Leeds
- Yorkshire cities among the top 10 in welfare spending league
- Lure of Molineux was spur for McLaughlin
- Sporting Bygones: Still carrying the fight on behalf of Leeds United after dreams of European glory were dashed by corrupt referee in Salonika
- Exclusive: Doncaster set to reveal Appleton as new Rovers manager today
Looking for...
Featured advertisers
Jobs
Search for a job
Motors
Search for a car
Property
Search for a house
Weather for Yorkshire
Tuesday 21 May 2013
Today
Cloudy
Temperature: 9 C to 14 C
Wind Speed: 14 mph
Wind direction: North
Tomorrow
Light showers
Temperature: 4 C to 15 C
Wind Speed: 20 mph
Wind direction: North west
