On 26 April 2016, pursuant to a Share Charge dated 29 March 2012, the Shared Security Agent acting on the instructions of BNP Paribas and Industrial and Commercial Bank of China appointed Rod Sutton, John Batchelor and Kenneth Fung, Senior Managing Directors of FTI Consulting, as Receivers and Managers of all of the shares in Mongolian Coal Corporation Limited ("MCCL"), a wholly owned subsidiary of Hong Kong Stock Exchange listed Mongolian Mining Corporation ("MMC", Stock Code: 975).
The Receivers and Managers advise that the key operating entities of the MMC group in Mongolia are unaffected by this appointment and will continue with their normal operations.
Mr. Batchelor stated, "The focus is to drive an offshore restructuring to ensure the ongoing long term viability of MMC and its subsidiaries. In consultation with management, an urgent assessment of the operations will be undertaken to determine the optimal financial and capital structure for stakeholders."
About FTI Consulting
FTI Consulting, Inc. is a global business advisory firm dedicated to helping organizations protect and enhance enterprise value in an increasingly complex legal, regulatory and economic environment. With more than 4,600 employees located in 28 countries, FTI Consulting professionals work closely with clients to anticipate, illuminate and overcome complex business challenges in areas such as restructuring, investigations, litigation, mergers and acquisitions, regulatory issues, reputation management and strategic communications.
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