Caledon, which went into administration in May after an inundation at Cook in March, has significant amount of debt. Among its creditors are major shareholder Guangdong Rising Asset Management, the Bank of China and the China Development Bank.

The administrators must decide whether to sell the Cook colliery as an asset or liquidate the company.  

The administrators have undertaken a parallel campaign for either the recapitalisation or sale of the business.

“We are continuing to liaise with interested parties regarding the condition of their offers and to determine if any of these offers is better than the expected outcome in a liquidation,” the administrators said in the report.

PPB has received 37 expressions of interest for assets with the Caledon Coal Group.

These parties, after signing confidentiality agreements, were provided access to the dataroom from May 29 2017.

Cook colliery site visits and management presentations took place between June 12 and 16.