SENIOR managing directors of FTI Consulting John Batchelor and Kevin Fung have been appointed as receivers and managers of all of the shares in Mongolian Coal Corporation, a wholly owned subsidiary of Hong Kong Stock Exchange listed Mongolian Mining Corporation.
The Receivers and Managers advise that the key operating entities of the MMC group in Mongolia are unaffected by this appointment and will continue with their normal operations.
Batchelor said: "The focus is to drive an offshore restructuring to ensure the ongoing long term viability of MMC and its subsidiaries.
“In consultation with management, an urgent assessment of the operations will be undertaken to determine the optimal financial and capital structure for stakeholders.”
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