CBD Energy is running on low as Tinkler property deals turn sour
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LOSSES on a planned property development with coal investor Nathan Tinkler form part of a series of write-offs taken by former Impulse Airlines boss Gerry McGowan's latest venture, CBD Energy, which has pushed it to a revised $40.4 million loss for the year to June.
Included in the loss are provisions of $3.9 million for joint ventures with companies associated with Mr Tinkler covering two properties in Queensland, one in Bowen and one in Emerald. The properties were to be developed by companies associated with Mr Tinkler, with CBD Energy to supply the renewable energy systems.
CBD Energy cited a ''significant change in market conditions and the reported potential financial constraints of our joint-venture partner'' that resulted in ''considerable uncertainty that the net realisable value of either project'' would exceed zero.
The lack of progress here comes as Mr Tinkler has sought to liquidate some assets as he pursues a dispute with the directors of Whitehaven Coal over its prospects.
