A bankrupt Queensland coal miner that collapsed owing $400 million has been acquired by an Indonesian rival for more than $200 million.
Brisbane-headquartered Vitrinite filed for administration earlier this year when a creditor, Singaporean commodities trading house Trafigura, sought repayment for $177 million it was owed. The privately owned company owed another $265.9 million to other creditors, including $16 million to employees and $2.2 million to Isaac regional council for unpaid haulage fees.
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