Sedgman Limited
(ASX:SDM) has reached an in principal commercial settlement with three companies controlled by Nathan Tinkler.
The mining contractor made the announcement ahead of a hearing that was going to occur today to recover $2 million from Tinkler.
While the terms of the settlement remain confidential, and there has been no confirmation of a cash payment to recover the funds, Sedgman says it will not be proceeding with the applications at this stage.
The case, due to be heard in the Brisbane Supreme Court today, relates to a contract Tinkler awarded Sedgman for work on a coal loader project opposed by the New South Wales government earlier this year.
Sedgman reported a net profit of $37.8 million in the 2012 financial year.
