Pike River Placed in Receivership

15 December 2010 (Last Updated December 15th, 2010 18:30)

Pike River Coal (PRCL) in New Zealand has been placed in receivership after the firm found itself in a precarious financial position, following last month's mine explosions. Pike River chairman John Dow said the firm's board has requested its secured creditor, NZ Oil & Gas (NZOG), t

Pike River Coal (PRCL) in New Zealand has been placed in receivership after the firm found itself in a precarious financial position, following last month's mine explosions.

Pike River chairman John Dow said the firm's board has requested its secured creditor, NZ Oil & Gas (NZOG), to appoint a receiver.

"The Pike River coal board had a clear business plan for the next few months but unfortunately this has proved to be unachievable because of the explosions and subsequent coal fire," Dow said.

Two explosions ripped through the Pike River mine last month, the second leaving 29 miners dead.