Scottish coal miner ATH Resources (LON:ATH) has confirmed it is winding up the business, which has final run out of steam.
The AIM-listed company, which owned mines in East Ayrshire, Dumfries and Galloway and Fife, said it had appointed auditors KPMG as liquidators.
A statement from ATH explained: “The company was unable to secure the necessary stakeholder support to implement a solvent or consensual option, and the board was left with no choice but to seek to wind up the company.
“In light of today’s developments, shareholder value in ATH is negligible.”
The company’s shares have been suspended since December when it first announced it was going into administration. It was unable to secure more investment to fund new mines due to the collapse of the coal price.
Hargreaves Surface Mining (HSML) has snapped up some of the assets, with all 237 employees to be offered new contracts to keep them in work. As part of the arrangement, HSML has the option to acquire the operating sites at Netherton and Duncanziemere once certain conditions have been satisfied.