They could not get comfortable during their due diligence before the appointment of administrators and thats why they withdrew their offer to provide $30 million of secured funding, he said.
The administration process allowed Webuild to have commercial renegotiations with Cloughs clients without having to take on its historical liabilities on contracts, he said. Its like theyre coming in as a clean third party.
Deloitte would try and find other buyers for any projects Webuild did not pick up, but if it could not find willing acquirers, it would not mean that suddenly everything explodes, said Perth-based Deloitte partner Jason Tracy.
What we will do is work with the principals, with the clients to try and do an orderly handover of those…
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