Sun Cable's administrators say they hope to have the company behind a $30 billion project to export Australian solar power to Singapore sold or recapitalised within three months.
A committee of creditors was held on Friday, after the company entered voluntary administration on January 11 following disagreements between its billionaire backers, Andrew Forrest and Mike Cannon-Brookes.
Mr Forrest said in comments published on Friday that he had become disillusioned with Mr Cannon-Brookes's management team for undisciplined spending and "massive overheads".
"As we came closer and closer to it, we learned that the capital cost wasn't $10 or $15 billion, it was likely to be $15 or $20 billion," Mr Forrest told the Australian Financial Review from Davos, Switzerland.
"Then I learned it's going to be $20 to $25 billion, then all of a sudden, it's $30 to $35 billion. This is a project which was out of control."
The Fortescue Metals Group executive chairman said that because of his concerns, he agreed when Mr Cannon-Brookes proposed putting the company into administration.
Mr Forrest added he was still friendly toward the Atlassian co-founder and wished him all the best.
He plans to bid on the company with an eye to build simply the massive solar farm in the Northern Territory, and not the 4,200km submarine cable that would take the power to Singapore, which Mr Forrest sees as too risky because it runs through Indonesian and Malaysian territorial waters.
Mr Cannon-Brookes is expected to bid for the project with a plan to go forward with its original vision.
John Park, the leader of Australian corporate finance and restructuring for Sun Cable's voluntary administrators, FTI Consulting, said there was strong interest in the company.
"We will seek to crystallise the interest expressed in the future of Sun Cable into a firm offer for the benefit of creditors and other stakeholders via the sale process," he said.
"Ultimately, the successful bidder will have the opportunity to take the business forward in line with their vision."
