Financial Difficulties
On 25 October 2003, the trade with SPP's share was suspended due financial difficulties of the company. As SPP had granted fixed and floating charges in favor of Sandco Koala LLC in May 2003, the chargee appointed receivers of SPP on 2 December 2003. On 13 February 2004, the Stuart Oil Shale Project and other assets were sold by receivers to the newly formed company Queensland Energy Resources. The most important remained asset was the stake in the Rundle joint venture, which was sold on 11 May 2007 to Australian Oil-Shale Holdings.
Read more about this topic: Laguna Resources, History
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