Griffin Coal enters receivership

The cash-strapped miner, once owned by former coal mogul Rick Stow has been placed into the hands of receivers by its banker to avert a threatened move on the company by Bluewaters power station.

Deloitte insolvency experts led by Matt Donnelly were put into Griffin late on Tuesday at the request of a syndicate of lenders led by Singapore’s ICICI Bank.

The WA Government have been notified of the appointment, and staff in Collie were being told as they came off shift.

Deloitte says it will be “business as usual” with the receives continuing to operate the mine in Collie and deliver coal to customers, including Bluewaters.

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