About $1.5 billion worth of power generation assets is hidden away in the nooks of Griffin Coal’s subsidiaries.

The administrators are looking to appoint advisers by next week and start the sales process for assets now estimated to be shackled with debts of $2 billion.

The lead administrator, Brian McMaster of Kor-daMentha, confirmed that the Griffin Energy assets, the Bluewaters power stations and Emu Downs wind farm, were among the assets which have ended up in his hands because they are Griffin Coal subsidiaries.

According to Mr Mc-Master, these assets have about $1.2 billion worth of debt tied to them, while claims on Griffin Coal’s assets could top $1 billion. The top two creditors alone are owed more than $700 million, with US bond holders owed $US475 million ($530 million) and the Tax Office claiming $200 million. Administrators were called in after Griffin Coal failed to make payments to these two creditors late last year. Mr McMaster said no decision has been made on whether the power stations and coal mines would be sold separately or in one lot. “That’s something we’re having to look at.”

The administrators will receive proposals from potential sales advisers this week and hope to make a decision by next week.

A sales process could be under way by the end of next month. “Our expectations are that the assets are highly sought after,” Mr McMaster said.

These are not the only assets for sale. The Commonwealth Bank has appointed receivers to sell Mr Stowe’s Bullsbrook estate, which had been on the market for $70 million, and other properties he still owns at Bunker Bay.

But the debt contagion from the collapse may not stop there.

Mr Stowe is still active in the background, stitching up deals in an attempt to placate creditors.

Earlier this month the Dutch agricultural financier Rabobank took a secured charge of up to $133 million against the Griffin Group’s lucrative cattle business WR Carpenter Agriculture, which exports prime Angus and Wagyu beef directly to Asia.