DEBT-LADEN Mackay Sugar has turned its back on the sale of its profitable cogeneration plant and instead will look for investors to help pay down its $200million debt.
After reviewing offers to buy the $120million plant the grower-owned company has announced it has decided to put the sale on hold and look elsewhere.
The sale of the plant was the keystone of Kidder Williams’ plan to drag the second largest miller in Australia out of debt.
“While each offer had merit, we viewed the proposed ongoing financial commitments, particularly from sale and leaseback structures, to be unacceptable, Mackay Sugar chairman Andrew Cappello said.
“Kidder Williams has recommended and the board has agreed to put the cogeneration asset sale on hold and s…
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