Atlas Iron Limited (ASX:AGO)
has received approval from the Federal Court of Australia regarding a creditors’ scheme.
The approval relates to the creditors’ scheme of arrangement between the mining company, the lenders under its syndicated facility agreement and the subordinate claim holders.
The creditors’ scheme will become effective once Atlas lodges a copy of the Court orders with the Australian Securities and Investments Commission.
Once that is done, the company will proceed to implementation of the creditors’ scheme.
Atlas Iron recorded a net loss of $114.28 million at 31 December 2015.