ARTICLE · 10 NOVEMBER 2023

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Award-Winning Restructuring Deal: Basslink Pty Ltd

FTI Consulting

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As Receivers and Managers, FTI Consulting operated and successfully sold Basslink Pty Ltd, owner of the critical 370km subsea electricity cable connecting Tasmania to mainland Australia, for AU$773 million.

AustraliaEnergy and Natural Resources

As Receivers and Managers, FTI Consulting operated and successfully sold Basslink Pty Ltd, owner of the critical 370km subsea electricity cable connecting Tasmania to mainland Australia, for AU$773 million.

Situation

Basslink owned and operated the high voltage, direct current electricity interconnector. As a critical electricity asset, the interconnector linked the State of Tasmania to mainland Australia, allowing Tasmania to participate in the National Electricity Market.

Basslink became insolvent after owing $50 million in costs and damages to the State of Tasmania following a major underwater cable failure and being offline for six months across 2015 and 2016 while the cable was being repaired.

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