The Receivers are working closely with the South Australian Department of Planning, Transport and Infrastructure ('DPTI') and Oceanlinx's insurers to develop a strategy for the Company's Wave Generator, located off the coast of Carrickalinga, South Australia. Safeguards have been implemented to protect the general public and to limit navigational risks.

A meeting was held at Carrickalinga on Monday 14 April 2014 to update the community.

The Receivers are currently trading the Company in a limited capacity, which allows for business continuity in the event of a successful Deed of Company Arrangement (DOCA) being agreed by creditors. A number of parties have expressed an interest in proposing a DOCA, but no proposals have yet been submitted.

The Administrators are intending to seek an extension of the convening period for the second meeting of creditors by 180 days. The Receivers believe this extension is in the best interest of all key stakeholders.

 

Media enquiries: Michael Smith 0411 055 306