KEYS HANDED OVER: Arrium’s Whyalla steelworks are now in the hands of a voluntary administrator. Photo: David Mariuz
The owner of the Whyalla steelworks, Arrium, has been put into voluntary administration by the embattled group’s board, throwing into doubt the future of thousands of jobs at the steel plant in the northern South Australian regional city.
The Arrium board has officially appointed Grant Thornton as voluntary administrator, angering a syndicate of banks including Australia’s big four, ANZ, Commonwealth Bank, NAB and Westpac. The banks had been pushing hard for the Arrium board to appoint the bank’s own hand-picked administrators, McGrath Nicol, so they could elevate themselves higher up in the queue of creditors and in p…
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