Mike Cannon-Brookes loaned Sun Cable $65m for management

Another development is that MA Moelis has moved to the box seat in terms of customer responsibility. Moelis and Macquarie thought it was the best deal, since they had worked with Sun Cable to find its $30 billion financing project.

FTI wastes no time in the management process. His partners took the key in the middle of last week, and have moved to support Sun Cable in the near future. His goal is to keep it as large as possible, so that Sun Cable appeals to as many customers as possible.

The FTI made it clear that whoever gives the temporary money does not have a special opportunity in the auction, nor a chance to get additional information.

However, it seems that Grok saw it as important to install the Sun Cable, knowing that the rival Squadron had different ideas about what the business should look like and what it should focus on. his efforts.

FTI expects to repay the loan through proceeds from the sale.

Sun Cable had ambitions to sell solar power over 4200 kilometers from Darwin to Singapore via an undersea transmission cable. .

However, he emerged from the administration on January 11 after a spectacular fall between his billionaire supporters in the financing, management and strategy of the company, especially if his cable title under the sea is an electronic solution.

Sun Cable is expected to be financed in 2023 from a $210 million Series B round raised in March 2022, but the high cash burn means that funding is needed before the holidays, which seems to be the reason for the disagreements between shareholders. Cannon-Brookes has been in the chair since July.

The sale is expected to last three months. The second meeting of creditors was expected to be postponed until February 14.

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