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The Voluntary Administrators Grant Thornton have today supported an application that sees KordaMentha appointed as replacement Voluntary Administrators of Arrium Limited and 93 of its Australian subsidiaries.
The Administrators have maintained throughout their appointment, and in all meetings with key stakeholders, that creditors have the right to appoint the firm that they wish to represent them in the Administration.
When it became clear that the major stakeholders wished to see a change to a firm not appointed by Arrium, we agreed for the benefit of the process to support an early change as opposed to waiting until the first creditors meeting.
During the Administration the Administrators have done all they can to assist the lenders, creditors and unions in developing and agreeing a strategy.
In particular, Grant Thornton is proud of the way the firm quickly mobilised a global team to assume control of Arrium and the way in which the first few days of the administration have progressed. There has been great support from employees, customers and suppliers and the business is on as stable a footing as possible.
Internationally, each Moly-Cop subsidiary is working with a local Grant Thornton team to stabilise their own business and insulate it from the insolvency of Arrium.
Perhaps the biggest step forward however has been in developing a multi-party open dialogue with State and Federal Governments, the Company, and the Unions as regards the future of Whyalla.
The team had a very successful visit to Whyalla yesterday and is meeting today, as the Administration transitions, to work out a solution. We believe there is little doubt that the Voluntary Administration will provide an opportunity to restructure the Australian Steel and Mining business starting in Whyalla, and also improve the successful East Coast operations.
Grant Thornton will do all it can to support the incoming Administrators in the transition in the hope and expectation that the impact of any change will be minimal.
KordaMentha are a fine firm with excellent practitioners, and we look forward to seeing a successful outcome, satisfied that we will have played a small part.
Paul Billingham
Managing Partner
Grant Thornton
-ends-
For more information, please contact:
Ian Pope
General Manager
Edelman Public Relations
M 0416 826 037
E ian.pope@edelman.com
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