❓ A WA parliamentary question seeks details on government interactions with ICICI Bank and other secured creditors of Griffin Coal, including financial arrangements and rationale for government involvement. The answer provides details of communications, creditor identities, debt amounts, and payments made under a Business Continuation Agreement, justifying the government's actions as necessary to maintain mine operations.
AnsweredQoN 172Legislative Council
QuestionView source ↗
I refer to the Minister's answer to question without notice 195, asked on 21 May 2025, which revealed that “the Department of
Premier and Cabinet has ongoing engagement with ICICI bank as the lead bank for
the secured creditors to Griffin Coal”, and I ask: (a) for
the period of 24 March 2023 to date, on what dates has the
Minister, his Ministerial staff, Departmental staff, or any government
representative met with, or communicated in any format with, representatives
of ICICI Bank; (b) in reference to (a), who engaged or attended meetings or discussions; (c) what records,
notations, minutes, recordings, documentation of discussions and follow-up
actions were compiled during the meetings, engagements or discussions in (a); (d) please provide a copy of all the records in part (c); (e) who are the secured
creditors referred to, and what role, if any, do they have in the ongoing
operations at Griffin Coal; (f) what amount of credit is recorded against each of the secured creditors in (e); (g) what is the total level of debt recorded against the insolvent and foreign owned Griffin Coal; (h) how much of the $260
million Government bail out of the insolvent and foreign owned Griffin Coal has
been, or may in the future be, received by ICICI Bank or the secured creditors
they represent; and (i) why is the Government
looking after the interests of the bank and the secured creditors?
Premier and Cabinet has ongoing engagement with ICICI bank as the lead bank for
the secured creditors to Griffin Coal”, and I ask: (a) for
the period of 24 March 2023 to date, on what dates has the
Minister, his Ministerial staff, Departmental staff, or any government
representative met with, or communicated in any format with, representatives
of ICICI Bank; (b) in reference to (a), who engaged or attended meetings or discussions; (c) what records,
notations, minutes, recordings, documentation of discussions and follow-up
actions were compiled during the meetings, engagements or discussions in (a); (d) please provide a copy of all the records in part (c); (e) who are the secured
creditors referred to, and what role, if any, do they have in the ongoing
operations at Griffin Coal; (f) what amount of credit is recorded against each of the secured creditors in (e); (g) what is the total level of debt recorded against the insolvent and foreign owned Griffin Coal; (h) how much of the $260
million Government bail out of the insolvent and foreign owned Griffin Coal has
been, or may in the future be, received by ICICI Bank or the secured creditors
they represent; and (i) why is the Government
looking after the interests of the bank and the secured creditors?
AnswerView source ↗
Answered
24 June 2025
Responded by
Leader of the House representing the Minister for State Development
Response time
7 days
(a – d) The Department of the Premier and Cabinet has communicated with ICICI Bank on multiple occasions from 24 March 2023 to 4 June 2025, including in relation to receivership arrangements, securing the secured creditors support for the continued operation of Griffin Coal to 30 June 2026, and the negotiation, execution and administration of the Business Continuation Agreement. The Premier and representatives of the Department of the Premier and Cabinet met with representatives of ICICI Bank, the Export Import Bank of India and the receivers and managers on 30 November 2023. The communications are commercially sensitive and commercial-in-confidence.
(e) The secured creditors are ICICI Bank Limited; Export Import Bank of India; Bank of Baroda; and India Overseas Bank. The secured creditors are responsible for appointing the receivers and managers for Griffin Coal and for continuing to support the continued operation of the mine in receivership.
(f – g) The receivers and managers have advised that the secured creditors are owed the following in relation to Griffin Coal, as of October 2024 and estimated in Australian dollars: ICICI Bank Limited – $1,949.23 million; Export Import Bank of India – $146.00 million; Bank of Baroda – $143.69 million; and India Overseas Bank – $115.23 million. Griffin Coal is a guarantor to these debts.
(h) To 4 June 2025, $13,450,744 has been paid to the secured creditors under the Business Continuation Agreement. It is estimated that approximately $31.5 million may be payable in total to 30 June 2026, provided relevant conditions within the Agreement are met.
(i) The Government’s focus is on ensuring the continued operation of the mine to 30 June 2026. The Government entered into a Business Continuation Agreement with the secured creditors and the receivers and managers to ensure the continued support of the secured creditors for this period. The Business Continuation Agreement provides performance based payments to the secured creditors, linked to the continued operation of the mine.
(e) The secured creditors are ICICI Bank Limited; Export Import Bank of India; Bank of Baroda; and India Overseas Bank. The secured creditors are responsible for appointing the receivers and managers for Griffin Coal and for continuing to support the continued operation of the mine in receivership.
(f – g) The receivers and managers have advised that the secured creditors are owed the following in relation to Griffin Coal, as of October 2024 and estimated in Australian dollars: ICICI Bank Limited – $1,949.23 million; Export Import Bank of India – $146.00 million; Bank of Baroda – $143.69 million; and India Overseas Bank – $115.23 million. Griffin Coal is a guarantor to these debts.
(h) To 4 June 2025, $13,450,744 has been paid to the secured creditors under the Business Continuation Agreement. It is estimated that approximately $31.5 million may be payable in total to 30 June 2026, provided relevant conditions within the Agreement are met.
(i) The Government’s focus is on ensuring the continued operation of the mine to 30 June 2026. The Government entered into a Business Continuation Agreement with the secured creditors and the receivers and managers to ensure the continued support of the secured creditors for this period. The Business Continuation Agreement provides performance based payments to the secured creditors, linked to the continued operation of the mine.
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