The recently announced sale purchase agreement between Murray & Roberts and Webuild for the acquisition of Clough, has been terminated by mutual agreement between the parties. In the absence of the sale proceeding, the board of directors of Clough have decided to place Clough and its Australian subsidiaries into voluntary administration (VA) in order to conduct a restructure of the business.
Clough’s directors have appointed Sal Algeri, Jason Tracy, David Orr and Glen Kanevsky of Deloitte as Administrators effective immediately and they now become responsible for the company’s affairs. Whilst responsibility for the management of Clough has now passed to the appointed Administrators, they will no doubt rely heavily on assistance from the Board and Management in exploring options for the restructure and recapitalisation of the company. The process also provides for the possibility of compromise with creditors, through adoption of a Deed of Company Arrangement, a binding arrangement between the company and its creditors governing how the company's affairs will be dealt with.
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