° °
  • Firstline - TV3 New Zealand

    Firstline

    Weekdays 6am

  • 3 News - TV3 New Zealand

    3 News

    Nightly 6pm

  • Campbell Live - TV3 New Zealand

    Campbell Live

    Weekdays 7pm

  • 3rd Degree - TV3 New Zealand

    3rd Degree

    Wednesdays 8.30pm

  • The Paul Henry Show - TV3 New Zealand

    The Paul Henry Show

    Weekdays 10.30pm

  • Three 60 - TV3 New Zealand

    Three 60

    Sundays 9.30am

  • The Nation - TV3 New Zealand

    The Nation

    Sat 9:30am / Sun 10am

Solid Energy's cashflows improve

Sunday 17 Mar 2013 2:42 p.m.

Solid Energy's cashflows are better than expected as talks continue

Solid Energy's cashflows are better than expected as talks continue

Solid Energy's cashflows are better than expected, Finance Minister Bill English says as talks continue with its bankers.

He told Q+A today talks with the state-owned coal miner's banks would last for months.

"There's discussions going on with the banks now about stabilising Solid Energy. Some of the information around its cashflows is a bit more positive than we might have expected."

By the end of June the Government would look at options for recovering value, and decide whether there was an on-going viable business, he said.

The Government announced in February that Solid Energy was in talks with its bankers. The state-owned enterprise, which was a candidate for partial privatisation, has $389 million of debt.

Mr English did not go as far as saying that Solid Energy was out of trouble.

He said banks had an important role to play.

"They've lent money, and as lenders, they take risks."

Solid Energy's former chief executive Don Elder has said he was first hired in 2000 to close the state coal miner down. He went on to build the company up during a period of high coal prices. It is now in trouble again after coal prices fell.

The Government has revealed that Solid Energy had plans to become a national natural resources company and had wanted first right of refusal to develop New Zealand's resources.

NZN

Others Are Watching

comments powered by Disqus

Trending

>
;