Tahmoor Coal Mine Liquidated, 238 Jobs Lost

0:00Here's more Sydney news from March 6th. A new South Wales Supreme Court judge has ordered the Tom Moore coal mine Southwest of Sydney into liquidation. Justice Ashley Black approved the application from coal mines insurance after more than a year of delays. This means the liquidator will take over, with 238 jobs expected to be lost, though 50 staff may stay on for care, and maintenance. The mine, owned by Sanjeev Gupta's GFG Alliance, entered voluntary administration last month in a last-ditch effort to avoid this outcome. Earlier attempts included a contractor stepping in when payment stopped and hopes for funding from another Gupta company, but those fell through a mid. Uncertainty over the mine's value. Just as Black called it, the toughest case in his 15 years on the bench, openly troubled by the hardship for workers, families, and the local. The mining and energy union pushed hard to save jobs through administration, but expressed deep disappointment afterward.

1:01The decision gives the liquidators guaranteed funding to probe major past deals, including huge related party debts totaling around $250 million out of $432 million in claims. This should uncover details on loans and securities made when the company was already insolvent. GFG Alliance accepts the ruling and plans to work with the new liquidators, Sean Fraser and Jonathan Henry. They believe a sale under administration might have preserved more value and kept operations running smoothly for everyone involved. This episode is brought to you in partnership with our sponsor. Some chase peace. I put my head in it, S-O-L-I-SoliPillow.com