Under the terms of the DOCA, the assets and creditor claims of the 11 companies that together make up Vast Renewables would be pooled together.
A single deed fund would be created to meet the claims of unsecured creditors, which amount to $30.6m.
US company Nabors, a lender to Vast, and Taloumbi, the company linked to Vast CEO Craig Wood, would contribute $50,000 each to the fund.
Vast’s property, assets and undertakings would be sold off, with all proceeds going to the fund.
Nabors and ARENA are both creditors, but have agreed not to participate in distributions, reducing total creditor claims from $58.4m to $30.6m, the report states.
Further, the DOCA entails transferring all of Vast’s intellectual property to ARENA “in order to…