Australia’s Griffin Coal asset sale to start by June

Griffin Coal Mining Co reported that it will start the sale of its Collie coal mines and stake in its Bluewaters Power Project in Western Australia by June.

The press release is quoted as saying:

The deal could fetch at least A$700 million, enough to pay off Griffin’s creditors, who are owed about A$700 million. Macquarie Capital Advisers, the investment banking arm of Macquarie Group (MQG.AX) and UBS (UBSN.VX) have been jointly appointed to handle the sale.

Click here to access the entire press release