On Friday the company was given three banking days to settle debt after its lenders ran out of patience.
Epic is scrambling to finalise the sale of its sole remaining asset – the Dampier to Bunbury Natural gas Pipeline – to pay the debt which is owed to a consortium of bankers.
The two likely bidders are Australian Pipeline Trust teamed with Enbridge, and Envestra which is teaming with the Asian-based CKI. However a firm deal is a long way off, according to reports.
The debt had previously been delayed until June 30th, but the failure to achieve a sale and doubts about the integrity of the sale process led the bankers to issue Epic last Friday with a notice that gave the company three banking days to repay the debt in full.
Two thirds of the lenders voted for an early termination of the finance agreement, led by the National Australia Bank, in mid April
It is expected that despite Epic being put into receivership, there will be no change to the day to day operation of the pipeline and it will continue to provide the necessary operational and management services for the DBNGP.
