Italy’s Webuild has proposed to buy Clough’s Asia Pacific projects, including WA’s Waitsia gas project, for $38.9 million in a deal that allows creditors to avoid up to $2 billion of financial claims.
Italy’s Webuild has proposed to buy Clough’s Asia Pacific projects, including Western Australia’s Waitsia gas project, for around $39 million in a deal that allows creditors to avoid up to $2 billion of financial claims.
Creditors have been told that Webuild will take over Clough’s operations in Australia, Papua New Guinea, Singapore, Malaysia and India, taking on about 1000 employees and another 90 staff in Papua New Guinea, according to minutes of the meeting seen byThe creditors meeting confirmed that Clough is facing up to $2 billion in financial claims, mostly linked to the Snowy Hydro 2.0 project.But the proposed sale will not raise enough money to pay back all of Clough’s creditors.
Clough collapsed in early December, creating uncertainty for clients and employees over the future of its projects.of the Snowy 2.0 and Inland Rail projects following Clough’s slide into administration last month, but has been negotiating with administrators Deloitte over what other projects to pick up.
It is also expected to take on the $2.3 billion Project EnergyConnect cable between South Australia and NSW; the Tallawarra power station in NSW for Energy Australia; and the Lombrum Naval Base in Papua New Guinea for the Australian Department of Defence.
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