DEBT-LADEN Mackay Sugar has put the sale of its profitable cogeneration plant on hold and will instead look for investors to help pay down its $200million debt.
After reviewing six offers to buy the $120million plant the grower-owned company found that the potential buyers were interested in the whole company.
The sale of the cogen plant was the keystone of Kidder Williams’ plan to drag the second largest miller in Australia out of debt.
Now Mackay Sugar is seeking proposals from companies interested in investing.
Mackay Sugar chairman Andrew Cappello said investment could be a better option for shareholders as they could keep their stake in the profitable cogeneration plant.
“It’s always been an option, if we had reasonable offers, for…
Read the full article at: https://www.dailymercury.com.au/news/co-gen-sale-put-on-hold/3246016/