KordaMentha appointed as Pluton receiver

Pluton Resources says its major shareholder General Nice Resources has appointed KordaMentha as the company’s receivers, after secured creditor Rizhao Port Group Logistics yesterday tried to appoint representatives from FTI Consulting to the same role.

In a statement today, Pluton said John Bumbak, Cliff Rocke and Janna Robertson of KordaMentha would be the receivers and managers of the company.

“The company is now under the control of KordaMentha,” Pluton said.

“GNR has confirmed its continued commitment to the company and is working proactively with the receivers and managers in an effort to recommence operations as soon as possible.”

Yesterday, Pluton’s shareholder and unsecured creditor Watpac Civil & Mining said it had taken steps to suspend its contract for work at the company’s Cockatoo Island iron ore project, for which it is already owed about $19 million.

It is not yet known if Watpac intends to resume work at Cockatoo Island or not.