Solid Energy's next move is expected to be a review of its head office staff.
Chairman Mark Ford has initiated a second review of employees, mostly based in Christchurch.
The company has already shed 400 staff out of about 1200 still on the payroll.
During the past 10 years the company saw an unprecedented rise in staff numbers under chief executive Don Elder.
He also embarked on various fringe projects, such as a biofuel plant (now sold).
The miner’s union has vowed to fight moves to axe more staff, saying they should not have to pay for the stupidity of management.
But yesterday’s shock revelations of debt at $389 million means the company is only surviving on the security that the government can provide bankers.
This article is tagged with the following keywords. Find out more about MyNBR Tags
- MARKET CLOSE: NZ shares rise, led by F&P Healthcare, Sky TV; Ebos falls
- NZ dollar falls with Aussie as Moody's China downgrade mulled, commodities weaken
- Aussie Rich List – where are the Kiwis?
- Rocket Lab has liftoff but doesn't make it to orbit
- Government edges towards review of low-user electricity tariff
Most listened to
- It’s "odd" StuffMe applicants are "so sensitive about anonymous submissions," says competition lawyer Andy Glenie
- Andrew Little, James Shaw, Steven Joyce and Bill English all weigh in on how good the budget was for Kiwi businesses
- Rob Hosking does not think it's good enough the Budget has left out reduced taxation on savings
- Lawyers are playing musical chairs in this week's Briefcase with John Bowie
- NBR Radio: best of the week ended May 26, with Grant Walker