Optimum Coal potential buyer wants to ‘buy out’ other creditors | Citypress

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Optimum Coal potential buyer wants to ‘buy out’ other creditors | Citypress
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Daniel McGowan, the man who was on the cusp of buying the Gupta-owned Optimum Coal Mine, has offered to buy other creditors out pending the mine’s legal battle with the National Prosecuting Authority (NPA)

“The open offer will put money into the pockets of the previous employees and creditors who have had nothing for over four years in circumstances where Liberty Coal is taking on the additional commercial and legal risks of further challenges from the NPA.”

Eskom’s recognised creditor claims stem from contractual penalties which were initially disputed by Optimum Coal, but eventually settled via arbitration that resulted in a settlement agreement. In January, creditors of export facility Optimum Coal Terminal voted in support of adopting a business rescue plan which proposed that Optimum’s valuable export allocation be transferred to Liberty Energy.

Two of the Gupta brothers, Tony and Ajay, were both directly involved in this.

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