New Zealand's largest coalminer shuts down amid steep fall in prices

Government-owned Solid Energy, which employs around 700 staff, announces it is placing itself in voluntary administration

New Zealand's largest coalminer has been forced into a managed bankruptcy due to a steep fall in coal prices.

Government-owned Solid Energy announced on Thursday it was placing itself in voluntary administration, a process it hopes will allow it to keep trading as it tries to sell its assets. Whether any of its coal operations remain viable will be up to any potential buyers to decide.