PRL Global (ASX:PRG) said its proposed deed of company administration (DOCA) proposal has been accepted by creditors of Centrex(ASX:CXM) and unit Agriflex at the reconvened second creditors meeting held on June 16, according to a Tuesday Australian bourse filing.
The DOCA remains subject to certain conditions precedent relating mainly to executing binding agreements with key counterparties, the most notable of which is with Aurizon, the rail haulage services provider for the Ardmore phosphate mine, the filing added.
The economic viability of the Ardmore phosphate mine is critically dependent on reaching commercial and mutually acceptable terms with Aurizon, according to the filing.
Under a DOCA condition, PRL Global and Aurizon are required to enter into a binding agreement covering the key commercial terms to be included in a rail haulage agreement on or before June 27.
All other conditions must be satisfied or waived by Aug. 31 or by the date of the court hearing for an order under section 444GA of the Corporations Act 2001, whichever is sooner, said the filing.
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