M&R bid to regain control of Australian mining unit fizzles
Engineering and construction group loses exclusive right to negotiate with business rescue administrator
04 July 2023 - 10:28
Specialist engineering and construction group Murray & Roberts (M&R) has stumbled in its quest to regain control of its Australian asset, RUC Cementation Mining Contractors after failing to ensure that certain conditions precedent in the deed of company arrangement (Doca) proposal to creditors were met on time.
The bid to regain control of RUC, which it lost after its holding company in Australia, MRPL and Clough were placed into voluntary administration, a form of business rescue, was meant to re-establish the full scale and capability of M&R’s core multinational mining platform...
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