PwC called in as Ebola-hit London Mining collapses
PwC joint administrators appointed as London Mining collapses into administration
PwC joint administrators appointed as London Mining collapses into administration
PWC has been called into London Mining, the steel mining company operating in Ebola-hit Sierra Leone, after it collapsed into administration.
Russell Downs and Peter Dickens of PwC have been appointed as joint administrators of London Mining after the company, which employs around 1,400 people in the west African state, collapsed after failing to find a buyer for its business and plug a funding gap.
The business said it filed for administration following “severe liquidity issues caused” by a combination of high costs, falling iron ore prices and the impact of Ebola virus in Sierra Leone.
PwC administrators have been appointed to run the company and try and find a bidder for its Marampa Mine. Advanced discussions have recently been held with several potential bidders and there are hopes a sale of can n be concluded quickly, with operations continuing and the workforce protected, the company said.
“Our focus is to ensure that a buyer is found for the Marampa Mine operations given it is such an important part of the Sierra Leone economy. We are liaising with key stakeholders and asking for a short window of forbearance as we look to conclude a transaction,” said Russell Downs.
More about:
In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...
View resourceIn recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...
View resourceIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceThe first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...
View resourceThis month saw a series of appointments and promotions from the industry's mid-tier firm Read More...
View articleAfter cooperating with the inquiry, the firms and partners received a reduction in fines Read More...
View articlePredictions of 800,000 UK insolvencies requires “sense-checking” says RSM, but leading insolvency body say it depends on the length of the crisis Read...
View articleFollowing the release of the Brydon report, in which Sir Donald Brydon has made 64 recommendations on how to improve the troubled UK audit industry, A...
View articleThe FRC has the power to investigate Thomas Cook’s auditors and any accountants that work for the company who are registered with a professional body ...
View article‘High flying’ Leon Chan, 24, was spotted by a security guard in Topshop on Oxford Street acting suspiciously, loitering around women with his iPhone o...
View article75% of FTSE 350 audits assessed as good or requiring limited improvements, failing to meet the FRC's 90% target Read More...
View articleBig Four firm will work with Pole Star to explore new ways to assist financial services companies involved in maritime trade Read More...
View article