The deed administrators have completed the sale of Panoramic Resources to Zeta Resources (ASX:ZER) under the Deed of Company Arrangement “DOCA) terms previously agreed by creditors.
FTI Consulting Senior Managing Daniel Woodhouse says completing a sale of Panoramic was a considerable achievement given the current nickel market conditions.
“When significant players in the nickel industry are placing their operations on care and maintenance, completing a sale of Panoramic to provide some return to creditors has been both challenging and pleasing,” Woodhouse says.
“Our focus now turns to receiving, assessing and paying pre-appointment creditor claims as quickly and efficiently as we can.”
As a result of the sale completion the companies are no longer subject to external administration; control of the companies has reverted to new directors as nominated by Zeta; and the Panoramic Creditors Trust has now been established, with Hayden White, Kathryn Warwick, and Daniel Woodhouse joint and several creditors’ trustees.
Claims that were incurred prior to 14 December 2023, with the exception of those not affected pursuant to section 444D of the Act and those of Excluded Creditors, are released against the companies and transferred to the trust. As a result, pre-appointment creditors will no longer have a claim for payment, however they are entitled to participate in distributions from the Trust.
All parties holding shares in the company ceased to be a shareholder on 24 December 2024. No consideration is payable to the former shareholders of Panoramic.
Former shareholders of Panoramic have been formally notified that they no longer hold any shares in the capital of Panoramic.
In January, the administrators in charge of Panoramic called a halt to mining as the nickel price continued to plummet. About 350 workers and contractors lost their jobs when the company’s Savannah mine in Western Australia closed.
Write to Adam Orlando at Mining.com.au
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