Sept 8 (Reuters) - Watpac Ltd WTP.AX :
* Update on mining services contract at Cockatoo island WTP.AX
* Says "Watpac will carefully consider proposals to restructure its unpaid and unrecognised entitlements"
* Pluton notes will be unable to continue mining operations and their assets will be liquidated should the recapitalisation proposal not be implemented
* Intends to meet with the receivers and administrators of pluton as soon as possible to discuss recapitalisation proposal
* Intends to meet with the receivers and administrators of pluton as soon as possible to discuss recommencement of works at cockatoo island
* Says there remains a substantial entitlement due from pluton which is currently unrecognised for accounting purposes
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