McGrath Nicol executive chairman Peter Anderson has been appointed as investigating accountant to the embattled lenders of steel and iron ore group Arrium, sources said on Wednesday.
Anderson has specialised in corporate recovery for over 20 years at the restructuring and insolvency firm, assuming operational responsibility for several of Australia’s more prominent listed entities and structured finance projects including Babcock & Brown, Reliance Rail, Hastie Group and Billabong.
King & Wood Mallesons is the incumbent legal counsel. The lenders have not appointed a financial adviser.
Australia’s big four banks are part of the 16-strong Arrium banking syndicate which has $2.3 billion in loans to Arrium but now faces the unpalatable prosp…