Sun Cable - Case Update

Christopher Hill, John Park and David McGrath of FTI have given an update on their administration of the company formerly known as Sun Cable, a proposed project to connect renewable energy in Northern Australia with Southeast Asia, which entered voluntary administration in January of this year after the company’s shareholders were reportedly unable to agree on investment strategies and the project's direction. The administrators undertook a transaction process which resulted in an offer from Helietta Holdings, an affiliate of Grok Ventures, ultimately being accepted. The transaction provides for a purchase price of up to $86.5 million and the payment of unsecured creditors in full based on current known claims. Creditors voted to accept Helietta’s DOCA proposal on 27 September, and the DOCA was subsequently executed on 10 October. It is anticipated that a first distribution to creditors will be made shortly.