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1.Market Observations, 5.Troubled companies

25 Jun 2014 (AFR) – Mirabela recovery the toast of distressed debt scene

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(25 June 2014, AFR, p16, Amanda Saunders)

‘Mirabela Nickel will be handed back to its directors on Wednesday and is poised to relist on the ASX after a stunning comeback that has the country’s distressed debt scene frothing. Brought to its knees in October after losing half its customer base and facing the forced closure of its nickel mine in Brazil, Mirabela was reduced to a one-cent stock that owed $US400 million ($424 million). The nickel price was languishing and it appeared Mirabela was fated for financial ruin.’

Read more at AFR.com (might need AFR login access)

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