The company filed a notice with the corporate regulator on Monday revealing that KordaMentha had been appointed as its receiver, just days before it was slated to launch the heavily discounted recap equity raising.
Fund manager sources told this column that prior to entering receivership Altura was struggling to get support for the deal, and the terms put to potential investors on the recap proposal weren't favourable enough.
The company was attempting to raise equity to reduce its hefty debt load from north of $200 million to about $30 million and shore up its balance sheet to ride out a period of low lithium prices.
It is understood the receivers were appointed by Altura's loan note holders which include sharp-nosed fund managers Castlelake, CarVal, Nomura and Clearwater Capital.
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