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Mining company restructured through administration
A firm has acted alongside administrators on the successful restructure of mining services company Viento following its financial difficulties.
Lara Bullock
Firm: Gadens (Viento Group Ltd)
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Deal: Viento underwent a business restructure
Area: Business
Key Players: Gadens partner Lee Christensen led the deal with his team in Perth and Sydney.
Deal Significance: Western Australian mining services company Viento Group Ltd and its subsidiaries suffered financial difficulties that led to the appointment of three administrators from Hall Chadwick.
Gadens worked with Hall Chadwick to turn Viento around and facilitated a restructure of the business, resulting in Viento and its subsidiaries being preserved, refinanced and capable of being continued with the contracts it had.
Leading partner Lee Christensen said: “Against the difficulty of the present mining environment in Western Australia, we were able to work to preserve the business of Viento and its subsidiaries, make a return to creditors and, subsequently, the potential for Viento to be recapitalised to remain listed on the Australian Stock Exchange and thereby benefiting its many shareholders.”
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