Tinkler beats deadline to settle coal debt of $12m
Nathan Tinkler has confounded his sceptics by paying a day early $12 million owing to a small coal explorer to settle outstanding litigation.
Last week, the troubled businessman lost control of his 22 per cent shareholding in Whitehaven Coal to his financiers, sparking renewed concern over his financial position.
As part of that settlement, sources close to Mr Tinkler said he received funds that would enable him to pay the outstanding $12 million, in full, by the end-of-June deadline.
To resolve earlier litigation with Blackwood Resources, Mr Tinkler agreed to pay $12 million following a dispute between the two parties which arose out of a failed share purchase agreement. Mr Tinkler had earlier agreed to pay $28.4 million to Blackwood, a coal explorer, but he failed to deliver the funds.
During the litigation, Mr Tinkler told the NSW Supreme Court that his debts were about $600 million.
Blackwood is seeking to develop coal exploration properties in Queensland.
Last week, Blackwood borrowed another $1 million from Noble Group, ahead of the receipt of funds from Mr Tinkler. Following receipt of the funds on Thursday from Mr Tinkler, Blackwood said it would repay money owed to Noble.
"We can now refocus activities at the company's flagship asset at South Pentland and use the balance of the settlement monies to further define and develop the assets of the company," Blackwood chief executive Todd Harrington said.