M8 Sustainable Ltd Faces Voluntary Administration

M8 Sustainable Ltd. (AU:M8S) has released an update.

M8 Sustainable Ltd and its subsidiary, Fernview Environmental Pty Ltd, have been placed into Voluntary Administration following their inability to repay a loan to Remagen Invest M8S Pty Ltd. The company made attempts to secure funding and renegotiate the terms but was eventually unsuccessful, leading to the appointment of McGrathNicol as the administrator who is now seeking to sell the business or its assets. Meanwhile, significant cash flows were reported with $1,236k used in operating activities, $524k invested in plant and equipment, and $1,666k raised through financing.

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