As FTI Consulting prepares to front Sun Cable creditors for the first time on Friday, the administrator’s been urgently trying to lock in near-term funding to keep the lights on while an auction plays out.
As FTI Consulting prepares to front Sun Cable creditors for the first time on Friday, the administrator’s been trying to lock in near-term funding to keep the lights on while an auction plays out.
It understood FTI’s been talking to parties about a short-term capital injection that would be repaid with sale proceeds if/when the company is sold in coming months. PwC is one of a handful of firms heavily involved in planning Sun Cable’s proposed Australia-Asia PowerLink project.FTI shouldn’t have too far to look to find potential financiers. There are two warring billionaires on Sun Cable’s register, both of who were heavily involved in capital raising talks last month and are up to speed on the project’s finances, funding situation and near-term outlook.
The billionaires, Andrew Forrest and his Squadron Energy and Mike Cannon-Brookes with Grok Ventures - may even see providing the near-term finance as a leg-up heading into the group’s auction. Both are expected to take part in the auction as potential buyers, either on their own or as part of consortiums.Insolvency types reckon FTI should address Sun Cable’s near-term liquidity at the creditor’s meeting on Friday, which could even mean choosing one of the near-term funding proposals.
Sun Cable called in administrators last week after failing to secure an equity injection. It’s since emerged that the two big investors didn’t see eye-to-eye on Sun Cable’s
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