Pike River coal placed with receivers

Mineweb.com reports that troubled Pike River Coal (ASX:PRC) has been placed with receivers.

The editorial is quoted as saying:

There were no surprises with the board’s decision to call in PriceWaterhouseCoopers for, despite declaring it had about NZ$100 million (US$74.8 million) in insurance cover it had onerous borrowings and had been plagued by problems in its first two years of life.

To access the full editorial, click here.