Pike River Coal Ltd (ASX:PRC), the company behind the Greymouth disaster in which dozens of miners died, has gone into receivership.
The company’s key shareholder, New Zealand Oil and Gas Ltd, which holds a 29.4 per cent stake in Pike River, says it is in the process of appointing receivers after the company’s board requested it to do so.
Before the announcement, New Zealand Oil and Gas went into trading halts on both the Australia and New Zealand stock exchanges.
For the year ended 30 June 2010, Pike River reported a net loss of $31.71 million.
