Magnis Energy turns to lenders for high-cost loan as cash diminishes

·

Magnis Energy Technologies has ceased payments to its chair and directors as part of efforts to prevent insolvency after losing control of its key North American asset to lenders, The Australian has reported.

The company, known for its involvement in batteries and graphite, revealed in a market update on Wednesday, January 31, that it had just 0.2 quarters of funding remaining, with $532,000 cash in the bank. 

However, Magnis informed investors that it had secured a $4.6 million short term loan “from sophisticated and professional investors” set to tide the company over. 

This loan is set to be due next month on March 1, and is being charged at 5 per cent per month. 

This comes as the company’s long-time chair Frank Poullas, and its key directors Peter Tsegas, Fabrizio Pirelli and Hoshi Daruwalla have all stopped being paid by Magnis Energy in a bid to “preserve funds.”

The company said Mr Poullas and Mr Tsegas had not been paid since July 1, 2023.

This news follows Magnis dumping its subsidiary Imperium3 NY from its books after lenders took over the battery Gigafactory after multiple breaches of a $US100m ($152m) loan facility. 

Source: The Australian.

Advertisement

Share:

KEEP UP TO DATE WITH TGH

By subscribing you accept our Terms of Service and Privacy Policy.

Advertisement

Latest News

Consul General of Greece meets with Victorian Premier Jacinta Allan

Consul General of Greece in Melbourne, Dimitra Georgantzoglou, met with the Premier of Victoria, Jacinta Allan, at the Victorian Parliament.

Sydney Olympic seal statement win over Marconi Stallions

Sydney Olympic proved too hot to handle for Marconi Stallions as they scored an impressive 2-0 win at Jubilee Stadium on Saturday evening.

Greece rejects Turkish Foreign Minister’s claims on minority rights and Cyprus

Turkish Foreign Minister Hakan Fidan stirred controversy on Saturday, June 21, with remarks about Thrace, the Dodecanese, and Cyprus.

Sakkari advances at Bad Homburg Open amid heated exchange with Putintseva

Maria Sakkari progressed to the second round of the Bad Homburg Open on Sunday after a 7-5, 7-6(6) win over Kazakhstan’s Yulia Putintseva.

Wildfire forces evacuations on Greek island of Chios

Over 100 firefighters, backed by aircraft, battled a major wildfire near the main town of Chios on Sunday, prompting evacuation of 12 areas.

You May Also Like

Hurstville City Minotaurs FC fundraise to send ‘legends team’ to Greece

The Minotaurs of our well-known Peter Sarikakis "The General" hosted a dinner for friends and supporters in Sydney.

Kyla-Lee Janakis awarded for Modern Greek Studies at Macquarie University

Kyla-Lee Janakis has been awarded the AHEPA NSW Prize at Macquarie University's Languages and Cultures Student Prize-giving Ceremony.

Greek businesses unite to further interests in North Macedonia

16 Greek companies have recently launched the Association of Greek Businesses in North Macedonia based in country’s capital city, Skopje.