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Company News Summary

Cleanaway Waste Management Provides Update On Acquisition of SKM Recycling Assets

09 Oct 2019  |  09:38:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Acquisition of SKM Recycling Assets

Cleanaway Waste Management advised it is the successful bidder for the acquisition of the assets of the SKM Recycling Group (SKM) (Receivers and Managers appointed) (Acquisition). The Acquisition follows the public sale process conducted by KordaMentha, who were appointed Receivers and Managers of SKM by Company following the acquisition of the senior secured debt in SKM, announced on 21 August 2019. The Company will acquire the properties, plant and equipment and certain other assets of SKM for $66m. Completion of the Acquisition is expected to occur by the end of October 2019. Sale proceeds will be applied to repay Company's senior secured debt, accrued interest and costs associated with the receivership.

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