Marion Energy : Appointment of Voluntary Administrator

ASX Release

Marion  Energy  Limited  (voluntary  administrator  appointed)(ASX:MAE)  announces  that  on  Saturday  31  January  2015  (AEDT)  the  board  resolved  to  appoint  James  Patrick  Downey  as  voluntary  administrator.  
Mr  Downey  will  shortly  convene  meetings  of  creditors  of  the  Company  in  accordance  with  Part  5.3A  of  the  Corporations Act 2001.    One  of  the  express  objects  of  Part  5.3A  is  to  provide  for  a  company  to  be  administered  in  a  way  that  "maximises  the  chances  of  the  company,  or  as  much  as  possible  of  its  business,  continuing  in  existence…"  
The  board  intends  to  propose  for  the  consideration  of  the  creditors  a  deed  of  company  arrangement  encompassing  a  moratorium  pending  the  outcome  of  the  Chapter  11  Bankruptcy  process  currently  taking  place  in  respect  of  the  Company's  wholly-­‐owned  US  subsidiary,  Marion  Energy  Inc.  
The  board  believes  that  the  appointment  of  a  voluntary  administrator  at  this  time  is  the  
best  way  to  protect  the  interests  of  the  creditors  and  shareholders  of  the  Company.  Enquiries  should  be  directed  to:  
Mr  Jim  Downey  
J  P  Downey  &  Co  
Level  1,  22  William  Street  Melbourne  VIC  3000  

T:  +61  3  9629  8687  
E:    jim@jpdowney.com.au    

Per:  

Nick  Stretch  Company  Secretary  

Suite 802, 530 Little Collins St. Melbourne Victoria 3000 Australia

ABN 99 000 031 292

Tel: +61 3 9620 2223 Fax: +61 3 8692 9976 www.marionenergy.com.au

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