‘Big Four’ firm called in by ATH Resources

ATH Resources, the Yorkshire-based mining group, has appointed Deloitte as an adviser after today admitting that a major restructuring is lookling like its only way forward.

The Doncaster-based company said that “developments over the past week” have led it to acknowledge that it is unlikely to attract the investment needed to continue operating without a restructuring.

ATH said consultation with its key stakeholders, including its lenders, would continue.

ATH said this morning: “Given the level of liabilities within the company, it is unlikely that shareholder value will be maintained following any possible restructuring.
 
“Accordingly, the company has instructed Deloitte to advise on all restructuring options that may be available and to assist the board in considering the merit of any proposals from parties who may be interested in investing in or acquiring the business.”
 
Earlier this month, ATH said it was reviewing its future operations in the face of coal prices falling 30%.