UK Coal Fights For Future Amid Creditor Talks

UK Coal has admitted it is in talks with creditors to keep solvent but refused to deny a claim it is considering voluntary liquidation.

When a fire at the company's Daw Mill mine forced its closure and 600 job losses in February, UK Coal warned the closure could harm the viability of the whole company unless it got outside help from government or creditors.

The country's largest coal miner released a statement to clarify its position after the Financial Times (FT) reported it had proposed voluntary liquidation and the handing over of its remaining mines to a new company.

The statement said: "We remain positive that we have an underlying profitable business," while chief executive Kevin McCulloch added: "I hope we are close to securing a way forward for our remaining mines.

"There will undoubtedly be some difficult decisions as we have had to look at all possible options."

UK Coal said it was working closely with employees, government and others to try and preserve the 2,000 remaining jobs at its mines.

The FT said a proposal made by the company would mean creditors receiving 32 pence for every pound of debt but UK Coal declined to say if any offer had been made.

The company avoided a debt default and closure of its operations after completing a major debt restructuring with shareholders last December.

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