Embattled mining services group McAleese has gone into voluntary administration after failing to secure a lifeline from Hong Kong-based debt trader SC Lowy.
Trading in the company’s shares was suspended this morning, with the collapse coming just hours ahead of a shareholder meeting to consider a change in its board of directors.
McAleese has appointed McGrathNicol as administrator after forbearance arrangements with SC Lowy ended due to its failure to lower operating costs through a renegotiation of rental leases with property group TTPH.
McAleese, which hauls iron ore by truck from …
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