Aussie wave energy expert Carnegie enters administration – Renewables Now

March 15 (Renewables Now) – Australian wave power specialist Carnegie Clean Energy (ASX:CCE) has entered into voluntary administration a few days after the Western Australia government cancelled a crucial financial assistance agreement.

The company announced on Friday that Richard Tucker and John Bumbak of KordaMentha Restructuring were appointed as voluntary administrators. They are holding discussionswith key stakeholders in an attempt to obtain funding, while also pursuing a recapitalisation via a Deed of Company Arrangement (DOCA), a bourse filing says.

The voluntary administration process concerns not only the parent company but also its subsidiaries EMC Co Pty Ltd…

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