Alinta Energy Group's (ASX:AEJ) shareholders have voted to pass the debt-laden company to lenders, following years of prolonged negotiations.
At yesterday’s extraordinary meeting Alita shareholders accepted an offer of 10 cents per share, representing a loss of up to 90 per cent for some long-term investors.
A private equity-led syndicate, led by TPG Capital, will take control of Alinta’s assets after which the company will be delisted and taken private within months.
CEO Ross Rolfe says Alinta has conducted exhaustive processes over the last two years to sell or recapitalise the company to ease its multibillion-dollar debt.
Chairman Len Gill says the 10 cent offer was an exceptional outcome in the circumstances.
Alinta Energy Group booked a net loss of $855.4 million in the first six months of the 2011 financial year.
