Arrium’s creditors have waved through a plan to sell the troubled company’s steel and mining assets after its administrators signed a $1.6 billion deal to sell the Moly-Cop grinding media business.
Moly-Cop – the world’s largest supplier of grinding media used in mining and construction – will be acquired by US private equity firm American Industrial Partners for $US1.23 billion ($A1.64 billion).
“The sale is a great step forward for all creditors of Arrium. It is probably $300 million to $400 million more than what was offered last year,” adminstrator Mark Korda of KordaMentha told reporters after a creditors meeting in Sydney.
Proceeds from the sale of the profitable division, which was not under administration, will be …
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