Administrator of ASX-listed Walkabout Resources Limited, resulting in the acquisition of the group's graphite mine and full repayment to creditors.
Appointed as Administrator of Walkabout Resources Limited and its subsidiaries, successfully navigated legal complexities in Tanzania to facilitate a transaction with secured creditor Gemcorp, resulting in the acquisition of the group's graphite mine and full repayment to priority and critical trade creditors.
The appointment involved navigating several complexities, particularly relating to Tanzanian law, as the group’s key asset was a fully operational graphite mine located in Tanzania.
Working collaboratively with the Receivers, Cor Cordis successfully negotiated a transaction with the Companies’ major secured creditor, Gemcorp Fund I Limited, which acquired the Tanzanian graphite mine through the Deeds of Company Arrangement (DOCAs) for Walkabout Australia Pty Ltd and Reveal Resources Pty Ltd.
The outcome delivered 100 cents in the dollar return to priority creditors and full payment to all critical trade creditors of Walkabout Resources Limited.
