Administrators intend to complete the sale of collapsed solar startup Sun Cable, which aimed to export clean energy from Australia to Singapore, by the end of May.
FTI Consulting appointed MA Moelis Australia as an adviser and is seeking binding offers for the acquisition or recapitalization of the firm by the end of April and a finalized deal in the following month, according to a statement Tuesday.
Billionaire Andrew Forrest, an investor in Sun Cable, is among parties considering making an offer, people familiar with the discussions said earlier this month. Forrest has disagreed with fellow billionaire investor Mike Cannon-Brookes over the future direction of the project, which had an estimated cost of at least A$30 billion ($27.75 billion).
Funding has been secured to allow the firm to continue to develop its projects while a sales process is carried out, administrator FTI said in its statement. Cannon-Brookes has provided a A$65 million loan, his Grok family office said Jan 20.
Sun Cable had less than A$3.6 million in cash and looming bills of more than A$10 million, lawyers for FTI told Australia’s Supreme Court last week.
