Creditors of Griffin Coal are no closer to an insolvency appointment, as the clock runs down on customer Bluewaters' rights to step in and run the miner.
Representatives of a senior creditor for Griffin Coal have confirmed plans to appoint a controller to the Collie miner, but it's unclear when they'll act.
Griffin Coal has delayed a control bid by power generator Bluewaters after a mystery creditor emerged with a rival plan, amid revelations the miner's debts could be close to $US1 billion.
Griffin Coal has launched an eleventh-hour bid to stop power generator Bluewaters from appointing a controller, after a production shortfall of 400,000 tonnes.
It was 20 years' ago this month that Perth's two largest law firms surprised the business community by merging their operations. Herbert Smith Freehills hosted many of the 50-plus partners who were there at the time to mark the occasion.
Big corporate collapses such as Sons of Gwalia, EG Green Group, Henry Walker Eltin and most recently Westpoint Corporation have provided plenty of work for insolvency lawyers, but a much smaller deal has been hailed as the best restructuring of 2005.
