Administrator of ASX-listed Walkabout Resources Limited, resulting in the acquisition of the group's graphite mine and full repayment to creditors.
Cor Cordis was appointed as Administrator of ASX-listed Walkabout Resources Limited and its subsidiaries, Walkabout Australia Pty Ltd and Reveal Resources Pty Ltd. 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 a return to priority creditors and critical trade creditors of Walkabout Resources Limited.
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.
