Brief: Ausgroup Entered Deal To Dispose All Shares Held By It In AGC To Altrad Australia Pty Ltd

AusGroup

22/12/2022 14:42

Dec 22 (Reuters) - AusGroup Ltd  AUSG.SI :
    * CO WAS PLACED UNDER INTERIM JUDICIAL MANAGEMENT ON 30 NOV
    * INTERIM JUDICIAL MANAGERS CALLED FOR AND RECEIVED
EXPRESSIONS OF
INTEREST FROM INTERESTED PARTIES FOR A RESTRUCTURING OF CO & ITS
UNITS
    * ENTERED INTO SALE & PURCHASE AGREEMENT ON 22 DEC FOR CO TO
DISPOSE ALL SHARES HELD BY IT IN AGC TO ALTRAD AUSTRALIA PTY LTD
    * IJMS ASSESSED CO IS CASH-FLOW INSOLVENT & CASH FLOW OF
GROUP IS
UNABLE TO SUPPORT REPAYMENT OF COMPANY'S TWO SIGNIFICANT DEBT
OBLIGATIONS
    * CO NOT IN A POSITION TO CONTRIBUTE FRESH FUNDS TO SUPPORT
OR
CONTINUE PROJECTS UNDER AGC GROUP
    * CONSIDERATION FOR SHARE DISPOSAL IS AU$8 MILLION

Source text for Eikon:  ID:nSN5dsWc1 
Further company coverage:  AUSG.SI 
 ((Reuters.Briefs@thomsonreuters.com;))