Report looms on Qld Nickel's future

Creditors of Clive Palmer's Queensland Nickel enterprise are about to learn if administrators believe it should be wound up.

Federal member for  Fairfax Clive Palmer

Federal member for Fairfax Clive Palmer Source: AAP

Creditors of Clive Palmer's beleaguered Queensland Nickel will learn on Tuesday if administrators want it wound up.

FTI Consulting will make recommendations on any liquidation or restructure of the company on Tuesday, before creditors meet to vote on those recommendations in Townsville on April 22.

At an initial creditors' meeting in January, FTI Consulting's John Park said Queensland Nickel's debt stood at about $100 million.

The company was placed in voluntary administration earlier that month after an initial 237 workers were sacked and a further 550 jobs have gone since then.

FTI Consulting no longer controls the refinery after Mr Palmer moved in March to sack it as managers of the plant.

He set up a new company, Queensland Nickel Sales (QNS), to take control of the refinery and has said he hopes to resume operations from July.

QNS is owned by Mr Palmer's companies, QNI Resources and QNI Metals, which own Yabulu's refinery assets.


Share

1 min read

Published

Updated

Source: AAP



Share this with family and friends


Get SBS News daily and direct to your Inbox

Sign up now for the latest news from Australia and around the world direct to your inbox.

By subscribing, you agree to SBS’s terms of service and privacy policy including receiving email updates from SBS.

Download our apps
SBS News
SBS Audio
SBS On Demand

Listen to our podcasts
An overview of the day's top stories from SBS News
Interviews and feature reports from SBS News
Your daily ten minute finance and business news wrap with SBS Finance Editor Ricardo Gonçalves.
A daily five minute news wrap for English learners and people with disability
Get the latest with our News podcasts on your favourite podcast apps.

Watch on SBS
SBS World News

SBS World News

Take a global view with Australia's most comprehensive world news service
Watch the latest news videos from Australia and across the world