The transaction is expected to be finalised at the end of the year, the administrators PPB Advisory said.

Macquarie Capital has been engaged to conduct a process focused on the company, or its business, continuing as a going concern to maximise the outcome for all stakeholders.

“This process is ongoing and the sale of Dingo West represents the first milestone,” the administrators said.

“Macquarie is continuing to progress the realisation or restructure of the other assets of the Bandanna portfolio.”