Coronado Global Resources Inc. (CODQL) presents a deeply negative liquidation recovery posture as of December 31, 2025. Total assets are $2.63B against total liabilities of $1.98B, yielding book equity of approximately $650M. However, under liquidation haircuts, recoverable asset value collapses significantly below the face-value liability stack. The MFFAIS CLV of negative $946M, LLV of negative $695M, and OLV of negative $500M confirm this assessment. The primary driver of the gap is PP&E: gross PP&E of $2.95B, net of $1.65B after $1.30B accumulated depreciation, would recover at most 50-70% in a forced sale—mining assets are operationally specific, regionally concentrated (Curragh in Queensland, U.S. underground mines), and encumbered by $618M in take-or-pay transport/terminal commitments that do not extinguish on windup. The liability stack includes $686.7M in long-term debt (9.25% Senior Secured Notes due 2029 issued through Coronado Finance Pty Ltd), $154.4M in asset retirement obligations, $92.8M in operating lease liabilities, $276M in accrued liabilities, and a $142.8M Stanwell prepayment advance classified as deferred revenue (contract liability) that represents a senior claim on future coal deliveries. The prior filing (10-Q, September 30, 2025) disclosed explicit going concern language with 'substantial doubt' raised at each interim period during 2025; the current 10-K states management concluded those conditions were alleviated at December 31, 2025, and EY issued an unqualified opinion—though EY identified going concern evaluation as a critical audit matter. The primary resolution event was a November 27, 2025 Second Amendment Deed with Stanwell waiving ACSA rebates through H1 2027 in exchange for change-of-control clawback provisions, and a Third Amendment to the Syndicated Facility Agreement adding Stanwell as a lender. Restricted cash and investments noncurrent increased materially from $68.5M (December 31, 2024) to $141.7M (December 31, 2025), reflecting cash collateral posted to back bank guarantees—these funds are pledged and should be treated as encumbered assets in liquidation. The net loss for fiscal 2025 was $432M on revenues of $1.95B. The Stanwell contingent liability (waived rebates recoverable if change of control occurs within two years of November 2025) is of indeterminate size, not XBRL-tagged, and described in MD&A as not reasonably estimable—this represents an additional unquantified but contingent liability that does not appear in the balance sheet.
▼ Community Notes