Panoramic Resources - Case Update

Daniel Woodhouse, Hayden White and Kate Warwick of FTI, the joint administrators of Panoramic Resources, have provided an unfortunate update on the Savannah Nickel Project.

Although the joint administrators’ intention was to continue to trade the business while they sought a sale/recapitalisation, after consulting with major creditors and key suppliers, they have determined that a near-term turnaround is unlikely. As a result, they have made the difficult decision to suspend operations while the sale/recapitalisation process progresses, resulting in almost all 140 on-site staff immediately being made redundant.

Read the update here.