The perth-based Forge Group has gone into voluntary administration as the company tries to secure its future.
Shares in the embattled engineering company were placed into a trading halt earlier today after financial backers, the ANZ group, withdrew its support.
ANZ has told the ABC that it worked hard in recent months to support Forge and assist its management.
It says the decision to appoint an administrator is disappointing for everyone involved.
Last month, Forge appointed Euroz Securities to deal with approaches from third parties.
Some groups which were reported to be interested ruled it out when contacted by the ABC.
The firm had warned it expected to post a loss of up to $25 million for this financial year, amid problems at two of its power station projects.
It has had a number of profit downgrades and three voluntary trading halts prior to this latest announcement.
Forge has construction and engineering contracts with big miners and energy companies including Rio Tinto, Fortescue Metals, BHP Billiton and Chevron in Australia and overseas.
It is building the Cape Lambert and West Angelas power stations for Rio Tinto Iron Ore in Western Australia’s Pilbara region, and the Diamantina Power Station in Queensland.
However, its…
