Arrium workers face uncertain future
Thousands of jobs are at risk after troubled steel and mining group Arrium was placed in voluntary administration after failing to win the support of its lenders for a funding deal.
The debt laden company has appointed Grant Thornton as administrators, with executive control to be transferred immediately.
Arrium’s lenders this week rejected a $US927 million ($A1.23 billion) lifeline from Blackstone fund GSO Capital Partners that would have involved lenders taking a severe haircut on their debts.
The company struggled to come up with alternative proposals acceptable to its lenders – who include Australia’s four major banks, several global banks and US bond holders.
“It has become clear to the board that …
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