Arrium Ltd (ASX: ARI) could be about to fold into voluntary administration as early as this afternoon.
A report by the Australian Financial Review (AFR) states that the companys banking syndicate have agreed to lend the steel and iron ore producer an additional $400 million, but only if the company delivers itself into the hands of an administrator.
Oh, and that administrator needs to be hand-picked by the 35-strong lending syndicate.
Australias big four Australia and New Zealand Banking Group (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC) are owed about $1 billion in total, in equal amounts, but the debt is unsecured.
The new lending would more …
Read the full article at: http://www.fool.com.au/2016/04/05/arrium-ltds-bankers-push-for-voluntary-administration/