The sale to Webuild was the preferred course of action to address Cloughs working capital needs and avoid Clough being placed into voluntary administration, Murray & Roberts said.
The intercompany loan has been written off as part of the sale agreement to Webuild, in which the Italians pay just $500,000 in cash to buy Clough.
If Clough had gone into administration instead of being sold, the intercompany loan would have been due when it matured, the South African group said.
As Murray & Roberts has no ability to repay the loan, and in light of security given by Murray & Roberts to certain Clough creditors, Murray & Roberts would most likely also have needed to be placed into voluntary administration.
The only other asset that the South A…
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