Andrew Forrest’s Squadron Energy has bought out most creditors of the $35 billion Sun Cable megaproject, putting the iron ore mogul in prime position to control any creditor vote as multiple bidders line up to nab the project.revealed Mr Forrest had reached agreements with a majority of creditors by value and number since the collapse of the business.
The administrator, which said multiple investors have submitted initial bids for the megaproject, may not go down this path as there are other ways to structure a sale that do not require a creditor vote. “The shortlisted bidders include a range of potential buyers including parties that are not existing Sun Cable shareholders,” administrator FTI Consulting said on Wednesday, describing interest as “strong”. The project was forced into administration in January.reported Grok is expected to be working alongside partners, with one source suggesting Japan’s Softbank and Infradebt, an infrastructure debt provider backed by Atlassian co-founder Mr Cannon-Brookes, are in the mix.
Good, he has the more realistic vision for the project.
For a few cents in the dollar
Leading by example. Good Australian
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Source: FinancialReview - 🏆 2. / 90 Read more »