Carnegie administrators to flog assets they tried to get rid of last year
The administrators of Carnegie Clean Energy (ASX:CCE) plan to raise money by selling off the same company it tried to sell last year to Tag Pacific (ASX:TAG).
Richard Tucker and John Bumbak of KordaMentha Restructuring say the offgrid solar and battery Energy Made Clean business will be sold or wound down.
Former Carnegie chief Mike Ottaviano opened talks with Tag to sell the business last year, before he was booted out and the company tried to renegotiate a better price. Tag pulled out saying it’d dragged on too long.
The wave power subsidiaries are not in administration, and the financial restructure is a way for Carnegie to “return to its core business of wave energy”, it said.
Director Grant Mooney’s company Mooney & Partners Pty Ltd and current lender Asymmetric Credit Partners will provide interim funding support to the voluntary administrators.