Grok Ventures, the private arm of billionaire Mike Cannon-Brookes, will provide a $65 million loan to keep the company going while administrators seek a buyer. The funding would include a six-month interest-free period, Grok said in a statement. Administrators from FTI Consulting have accepted the Grok Ventures offer over other proposals and will finalise the…
Analysis A plan backed by Atlassian co-CEO Mike Cannon-Brookes aimed at providing 15 percent of Singapore’s electricity needs using solar energy generated in Australia has collapsed. The Australia-Asia PowerLink (AAPL) project envisioned installing 120km2 of solar panels capable of generating 3.2 gigawatts in Australia’s Northern Territory, storing the output in a giant battery near the…
by AAP | January 20, 2023 15:42 | News Sun Cables administrators say they hope to have the company behind a $30 billion project to export Australian solar power to Singapore sold or recapitalised within three months. A committee of creditors was held on Friday, after the company entered voluntary administration on January 11 following…
Credit: Michael Duva / Getty Images Last week, we talked about the Sun Cable as one of five energy projects to watch for in 2023 on The Science Briefing. A day later, the company announced it was going into voluntary administration. So, what exactly is the Sun Cable and why is it in trouble? What…
A bankruptcy court on Thursday admitted military-focussed software developer Rolta India for the corporate insolvency resolution process (CIRP), allowing a petition filed by state-owned Union Bank of India. The Mumbai Bench of the National Company Law Tribunal (NCLT) appointed Mamta Binani as the interim resolution professional for the listed firm. Union Bank had approached the…
To further strengthen the insolvency law regime, the government on Wednesday proposed a raft of changes, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound resolution…
It’san ambitious project that was destined to be difficult. The mission:To turn the blistering heat of the Northern Territory into a solar energy powerhouse supplying electricity to Singapore and Darwin. The method: By building a giant 20-gigawatt solar farm supportedby the world’s biggest battery network that connects to Darwin, before continuing to Singapore via a…
To further strengthen the insolvency law regime, the government on Wednesday proposed a raft of changes, including fast-tracking the process, expanding the scope of the pre-packaged framework and developing an electronic platform with minimal human interface. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound resolution…
The government on Wednesday proposed a slew of changes to the insolvency law, including fast-tracking the process and expanding the scope of pre-packaged framework. The government on Wednesday proposed a slew of changes to the insolvency law, including fast-tracking the process and expanding the scope of pre-packaged framework. The Insolvency and Bankruptcy Code, which came…
The government on Wednesday proposed a slew of changes to the insolvency law, including fast-tracking the process and expanding the scope of pre-packaged framework. The Insolvency and Bankruptcy Code (IBC), which came into force in 2016, provides for a market-linked and time-bound resolution of stressed assets. The Code has already undergone various amendments. “To strengthen…