The Chinese company that runs the Port of Darwin has expressed concerns about its financial position, raising the prospect of the Northern Territory Government terminating its controversial lease of the facility.
Port of Darwin's struggling Chinese operator Landbridge Infrastructure warns it could go into insolvency, could prompt the NT to terminate its lease
The company’s latest directors’ report, submitted to the Australian Securities and Investment Commission this month, reveals it made a $34 million loss in the 2024 financial year. “In the event that the Directors of Shandong Landbridge Group Co Ltd are unable to restructure its debt including the refinancing of the overdue bond and secure the financial status of the Parent Company an insolvency event could occur, potentially resulting in a change of control event,” the report said.
“In the event a sale could not be secured within 18 months under the terms of the Financier Deed the Northern Territory can terminate the Port Lease and pay the financiers an amount, calculated in accordance with the syndicated finance agreement," the report said. “Once we get that back and we hear from Landbridge, we’re expecting a reply from them in late December, the Territory will be in a better place to determine what’s going to take place with the port,” he said.
“The Darwin Port remains in a strong financial position due to the significant headroom between its operating cashflows and debt service requirements along with its long-dated external debt position.”
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