The curious case of a 'junk' Indian company in the middle of a growing energy crisis

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At the centre of a deepening energy crisis in Western Australia sits an obscure Indian company with next to no assets and a credit rating deemed as junk by a ratings agency.

As part of the December 2020 report, senior analyst Ankur Rustagi noted Sindhu's problems in large part stemmed from the poor performance of its coal assets, which include Griffin.

He said that unless the company could restructure its debts successfully, India Ratings may impose "a multi-notch downgrade". A company spokesperson instead said it was continuing to act as both a lender and manager of the operation. He said the analysis and Oceania's filings with the corporate regulator in Australia suggested the company would not be in a position to fix the operating and financial problems at Griffin.

 

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What does it matter who gets what? Put a fire under the receivers and sell off the assets. Someone will pick it up and run it to the end.

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