An ambitious plan to power Singapore using Australian solar won another lifeline on Wednesday after a court in Sydney agreed to a sales process put forward by the project’s administrators.
Sun Cable, a A$30 billion ($27.99 billion) business plan backed by two of Australia’s richest people, has less than A$3.6 million in cash and looming bills of more than A$10 million, lawyers for administrators FTI said in Australia’s Supreme Court Wednesday. The administrators were granted their application to extend the next meeting of creditors until June 30 while a buyer is sought.
