Perdaman Chemicals this week asked the WA Supreme Court to wind-up Collie’s Griffin Coal and has applied for an injunction to stop the $1.2 billion sale of Bluewaters power station.
The dramatic action follows Perdaman’s $3.4 billion claim against Griffin Coal’s owner, energy giant Lanco Infratech.
Perth-based Perdaman corporate director Andreas Walewski told the South Western Times the company would raise its concerns at a court hearing tomorrow.
He said the company was not opposed to the Bluewaters deal and its step-in rights could co-exist with those of Bluewaters.
He said Perdaman did not want Lanco’s lender, ICICI Bank, to be given secured creditor status.
Perdaman has applied to the court for an injunction and, if required, the appointment of a provisional liquidator to Griffin to protect its interests, namely if the company was successful in suing Lanco for $3.4 billion.
Mr Walewski said the action would also protect the interests of other unsecured creditors, including millions of dollars in entitlements of Griffin workers.
Perdaman claims Lanco reneged on a deal to supply coal to its planned Collie urea plant, ruining its chances of securing finance for the planned $3.5 billion plant by its July 2010 deadline.
Lanco has lodged a counter claim.
If ICICI Bank was granted secure creditor status it would be one of the first in line, ahead of Perdaman, to reclaim any debts if Griffin went into administration.
The long-awaited sale of the Bluewaters power station to Japanese energy giants Sumitomo and Kansai Electric is in its final stage.
Last month Lanco secured higher prices for the coal it supplies to the Bluewaters power station — a significant boost for the company.
Bluewaters and Griffin were part of tycoon Ric Stowe’s debt-laden coal empire, which went into administration in 2010.
A Lanco spokesman said the company did not want to comment given the ongoing dispute with Perdaman was before the courts.
Despite the court proceedings Lanco is pushing forward with plans to export Collie coal to India through the Bunbury Port.
The capital investment in the South West — namely Collie and Bunbury — if Lanco’s plans go ahead is estimated to be between $800 million and $1 billion.Perdaman and Lanco are expected to go to court next year over the coal supply agreement.