The New Hope Corporation Limited (ASX: NHC) share price is up more than 2% today after announcing the court decision.
New Hope is one of Australia’s largest coal miners which was founded in 1952 and is based in South East Queensland. Its business interests and operations span coal mining, exploration, port operation, oil, agriculture, technologies and investment. it employs around 600 people and is one of the lowest cost coal miners in the country.
New Hope’s Court Decision
New Hope bought court proceedings against Wiggins Island Coal Export Terminal Pty Ltd and others in the Supreme Court of New South Wales which sought a declaration that New Hope was not bound (by a ‘Deed of Cross Guarantee’) to guarantee the debts of Northern Energy Corporation and Colton where administrators have been appointed.
In today’s announcement, New Hope commented: “The Company is pleased to acknowledge today’s decision of the Supreme Court of New South Wales and the Court’s conclusion that the Company has not guaranteed the debts of NEC and Colton Coal under the DOCG.”
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