Solid Energy in court over debt
An international coal company is taking struggling Solid Energy to court this week, trying to get back the $27 million it says is owed by the state-owned miner.
Cargill International, which has headquarters in Geneva, and Solid Energy will face off in a civil case in the High Court at Auckland on Monday.
The two were part of a joint venture in the West Coast's Spring Creek mine until 2012 when world coal prices crashed.
Solid Energy, weighed down by $320m in debt, is selling itself off to pay its creditors, but Cargill says it will be short-changed in such a deal.