Basslink placed into receivership
KPMG Australia’s Peter Gothard, Peter McCluskey and Brendan Richards have today been appointed as Receivers and Managers of Basslink Pty Limited and its related entities (Basslink).
The appointment of Receivers and Managers by Basslink’s lenders was made following the appointment of Voluntary Administrators earlier today.
The Receivers and Managers have now assumed day to day control of Basslink’s operations.
Basslink owns and operates a 400kV DC undersea electricity interconnector which runs from Loy Yang in Gippsland, Victoria, across the Bass Strait to Bell Bay in Northern Tasmania. The interconnector allows the trade of electricity between Tasmania and the national electricity market.
In addition to carrying electricity, Basslink incorporates a fibre optic cable which carries high speed telecommunications traffic. Basslink Telecoms offers a range of wholesale transmission services between Tasmania and Victoria.
Peter Gothard, Restructuring Services Partner from KPMG Australia: “I want to reassure our stakeholders and the community that Basslink’s business will continue to operate as usual and there will be no disruption to the operations of the interconnector or communications as a result of this appointment. The Basslink interconnector will continue to operate as usual during the receivership process, providing an efficient and reliable connection to the national electricity market”.
“We look forward to working pro-actively with all stakeholders, including the Tasmanian Government and Hydro Tasmania, to establish a pathway to restructure the business,” Mr Gothard added.