Continental Coal is looking to call in administrators as it again requests the continuation of the voluntary suspension of its securities.

The company is still finalising its efforts to complete a recapitalisation that will allow it to settle its convertible notes that mature from November 2013 to February 2014 as well as other creditors, Continental Coal said in a statement.

“Together with its appointed financial advisor, we are continuing to engage with holders of convertible notes, other creditors, royalty holders and various investor groups in relation to a comprehensive recapitalization of the company and remain optimistic about reaching an agreement between all parties that will allow the company to continue trading as a going concern,” the statement said.

If an acceptable restructure or refinancing arrangements cannot be agreed in the near term, the appointment of a voluntary administrator to the company in Australia may be necessary.