Linc Energy enters administration

Coal mine

The former Australian-listed Linc Energy has entered voluntary administration, with the company buckling under an ongoing debt restructure and recapitalisation, according to The Sydney Morning Herald.

When its Singapore-listed shares last traded on March 24, the company was worth US$15 million. It was once worth $2 billion when listed in Australia.

Linc said in a media statement the administrators are working with the company’s management team to fully understand the options available to them, which could potentially be a restructuring.

Former Linc boss Peter Bond blamed the Queensland government in 2013 for its decision to move to Asia, saying it had failed to back the company’s plans to develop an underground coal gasification business.

Linc subsequently decided to switch its sharemarket listing to Singapore.