Hargreaves Services withdraws loan offer to UK Coal
LONDON, June 11
LONDON, June 11 (Reuters) - British coal producer Hargreaves Services said on Wednesday it has withdrawn from a process to offer a loan to rival coal miner UK Coal to help its gradual shutdown after it went into administration.
"It is with regret that Hargreaves announces today that, despite the efforts of the stakeholders, it has not been possible to secure a plan that it is able to support," the company said in a statement.
Hargreaves Services had been in discussions to provide UK Coal with a 5 million pound ($8.4 million) loan to help manage its gradual closure. ($1 = 0.5956 British Pounds) (Reporting by Karolin Schaps, Editing by Paul Sandle)