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Adaman Group undergoes restructure
Gilbert + Tobin has advised the voluntary administrators of the Adaman Group on a major mining restructure.
Emma Musgrave
Firm: Gilbert + Tobin (Adaman Group).
Value: N/A.
Area: Restructuring and insolvency.
Key players: The Gilbert + Tobin team was led by restructuring and insolvency partner Peter Bowden, with assistance from lawyers Becci Cartoon, Megan Lowe, Christopher Ashen and Nikita Goodwill, each of whom played an instrumental role in completing the transaction.
The team was supported by the firm’s disputes and investigations team, led by partner Tim O'Leary with assistance from special counsel Patrick Tydde, lawyer Jamie Ammendolea and graduate Claudia Russo.
Deal significance: Adaman Group is a gold mining business.
Adaman Resources and six of its subsidiaries were placed into voluntary administration on 1 May 2021 “after undergoing issues with ore quality, delays to capital investment projects and the effects of COVID-19”. a statement from Gilbert + Tobin said.
“The matter was complex involving significant and challenging litigation in the Western Australian registry of the Federal Court of Australia which, amongst many other issues, involved a challenge to the validity of the administrators’ appointment,” it said.
“The G+T team was able to steer the administration to seven favourable judgments from the Court in a span of under three months, ultimately securing orders from the Court that the administrators were justified in entering into the deed of company arrangement that was approved by creditors at the second creditors’ meeting, enabling the sale of the Adaman business.”
Commenting further, lead partner Mr Bowden said: “We are very pleased to have assisted Cor Cordis in this complex and delicate administration and thrilled to have been able to facilitate the sale to the proponent to ensure the continuation of these critical mining assets preserving numerous jobs.
“This outcome could not have been achieved without the seamless cross-country efforts of the G+T and Cor Cordis teams.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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