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Embattled steel and mining group Arrium has been placed into voluntary administration, following discussions with its lenders.
The appointment comes just days after Arrium’s banking syndicate rejected a recapitalisation proposal from US group GSO and follows prolonged talks between the indebted Arrium and its banks.
Arrium shares were suspended from trade on the ASX as the bankers tried to hammer out a deal to keep the company alive, and two buyout firms – Argand Partners and Cerberus Capital Management – examined the company’s books, as revealed by The Australian Financial Review.
Grant Thornton was the Arrium board’s choice to ru…
Read the full article at: http://www.bordermail.com.au/story/3835284/arrium-placed-in-voluntary-administration/?cs=2452