Sydney’s WLP Restructuring takes the reins as Griffin Coal’s liquidators amid battle over WA’s coal supply

A Sydney firm has been picked as the new liquidator for the collapsed Griffin Coal after a big foreign investor won its shake up bid. The Collie miner — which supplies the Bluewaters Power Station critical to Perth’s energy needs — sunk last year after accumulating about $865 million of losses, according to a December report to creditors. But more than a year after the fight to control Griffin first hit the courts, there’s been renewed wrangling over the future of the key coal producer amid ongoing pressure on the State’s rapid energy transition. Glenn Livingstone and Scott Pascoe of Sydney-based WLP Restructuring have taken the reins as liquidators after Griffin backers Lanco agitated for the removal of Cor Cordis’s Thomas Birch and Jeremy Nipps. Lanco dropped an earlier plan to install Bryan Hughes and Chris Pattinson of Pitcher Partners in the role. Indian bank ICICI — Griffin’s biggest creditor and the financier behind the failed Lanco — had hoped liquidators would tear up the miner’s contracts with Bluewaters on the basis they were unprofitable. Only liquidators have the power to rip up the deals while the mining business itself is run by receivers from Deloitte. It’s understood Cor Cordis was of the view the contracts could not be torn up. Bluewaters successfully stopped the Pitcher Partners bid by arguing the proposed liquidators lacked independence after having previously worked with Griffin. WLP did not respond to a request for comment but documents lodged with the Australian Securities and Investments Commission this week confirmed the switch. It’s believed the choice of an interstate firm would avoid any debates about independence. On Thursday morning, Bluewaters was in the Federal Court seeking the power to examine the Deloitte team over the plans to shred the contracts. Meanwhile, Deloitte partner Matt Donnelly — who is running Griffin as a receiver — told The West Australian coal production had been lifted at the miner and operations were improving following increased investment. He said that would improve energy security in the next 12 months. About $27 million was paid by the State Government in the 2023 financial year to keep Griffin running through receivership. A spokesman for the State Government did not have a number when asked how much would need to be spent before the collapse can be resolved. “Our priority is keeping our electricity system stable and providing certainty for Collie workers, given the commercial challenges faced by the local coal industry,” he said. “We will continue to work with the parties to find a commercial solution to support longer term operations, and will provide an update on next steps in due course.”