State owned mining company Solid Energy has reported losses of $335 million for the year to June 30, after writing down the value of its assets by $200m and spending more than $100m on a restructure.
The Christchurch-based company has been in negotiations with its bankers since February after its debts spiralled to almost $400m.
This week the company announced a deal in which the banks would risk $75m in debt in return for a $25m cash injection from the government and up to $130m in loans.
Chairman Mark Ford said the result was ''a realistic reflection of the coal markets in which we now operate''.
He added: "The write-downs draw a line under those parts of the business that no longer form part of our future and acknowledge that any future improvement in value will come from our core coal mining activities.
"We have rigorously cleaned up the balance sheet to give the refocused coal mining business its best chance to trade its way back to profitability over time and to repay the confidence shown in us by our shareholder and funders."
Solid Energy signalled before the annual result release that none of its management would not be available for interview, ahead of the completion of debt negotiations with banks.
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