The New Hope Corporation Limited (ASX: NHC) share price is down around 1% despite a positive update relating to the Colton Project.
In July 2019 New Hope announced that in proceedings brought against Wiggins Island Coal Expert Terminal Pty Ltd (WICET) and others in the Supreme Court of New South Wales, New Hope and its subsidiaries were successful in obtaining a declaration that New Hope was not bound by a Deed of Cross Guarantee to guarantee the debts of Northern Energy Corporation Ltd and Colton Coal Pty Ltd, which are both in liquidation.
In August 2019 New Hope announced that WICET filed an appeal with the Court of Appeal in New South Wales in relation to the Supreme Court decision.
Today New Hope announced the decision of the Court of Appeal in New South Wales which confirmed the Supreme Court's declaration that New Hope has not guaranteed the debts of Northern Energy Corporation Ltd and Colton Coal Pty Ltd under the Deed of Cross Guarantee.
The New Hope share price has been falling over the past six months with the coal price also declining.
