Troubled steel and mining group Arrium has been placed in voluntary administration, following discussions with its lenders.
The company, which suspended trading in its shares on the ASX on Wednesday, says it has appointed Grant Thornton as administrators, with executive control to be transferred immediately.
Arrium shares were put in a trading halt on Monday, and suspended on Wednesday, after its lenders rejected a $US927 million ($A1.23 billion) funding deal with Blackstone fund GSO Capital Partners that would have involved lenders taking a severe haircut on their debts.
This news leaves the future of more than 1000 workers at Arrium’s Whyalla steelworks, and the 7500 nationally, in jeopardy.
Federal Industry Minister Chri…
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