A cash-strapped wave power company that lost West Australian government subsidies for a planned project in the state's south is attempting a restructure after going into voluntary administration last month.
Carnegie Clean Energy appointed KordaMentha days after the state government terminated the funding agreement for the Albany project.
The company had posted a $45 million half-year net loss and had only $1.68 million left in the bank at the end of December.
At a meeting on Wednesday, creditors unanimously accepted a plan to save the company, which seeks to raise up to $5 million before re-listing on the Australian Securities Exchange in the next three to four months.
Major shareholders and directors who advanced cash to keep the company afloat will swap debt for equity, with some debt being restructured to carry over to the re-listed company.
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Unsecured creditors can expect a return of up to 10 cents in the dollar.
