WA Kaolin Says Directors Appoint Voluntary Administrators
WA Kaolin (ASX:WAK) said its directors decided on Wednesday to appoint Gregory Prout and Clifford Rocke of WA Insolvency Solutions, a division of Jirsch Sutherland, as voluntary administrators of the firm, according to a Thursday Australian bourse filing.This appointment provides a funding facility to be managed by the administrators that will allow the firm to continue operations while the administrators assess its financial position to determine a strategy that maximizes stakeholder returns.The administrators plan to call for urgent expressions of interest to recapitalize the firm through a deed of company arrangement and/or outright asset purchases.Its securities will remain suspended from quotation for the duration of the administration.
