McAleese deal update expected today


The initial statement is subject to a timely execution of the heads of agreement by the SC Lowy consortium

McAleese deal update expected today
McAleese states there is no certainty the heads of agreement will become binding.

 

After many indecisive months McAleese announced that it has executed a binding heads of agreement statement with the consortium led by SC Lowy on Wednesday.

The deal remains in escrow subject to the timely execution of the heads of agreement by the members of the consortium.

The company is expected to provide an update in the matter today.

However, the troubled haulage firm states that there is no certainty the heads of agreement will become binding.

"The company was advised this morning that because of internal arrangements of the SC Lowy Consortium, the consortium members are not yet in a position to execute the heads of agreement," a McAleese statement says.

The company has been engaged in exclusive negotiations for a recapitalisation deal with the SC Lowy consortium after entering voluntary suspension in March.

 

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