Sale nears completion

SUCCESS: The sale process is one step further to completion following approval from the Creditors Committee.

SUCCESS: The sale process is one step further to completion following approval from the Creditors Committee.

The last major roadblock has been cleared in the sale for Arrium, with the Creditors Committee approving the sale of the company to London-based GFG Alliance.

This comes after the Foreign investment approval was signed off by Federal Treasurer Scott Morrison last week.

Administrator Mark Mentha said the sale also required approvals for the transition of workers’ compensation coverage to the GFG Alliance and finalisation of accounting restructure steps.

Their approvals are expected before 31 August, the target date for formal completion of the transaction.

KordaMentha will then move to a formal proof of debt process, including adjudication of debts, and determining returns to creditors whilst continuing its statutory duty to investigate the affairs of the company.

All creditors will receive a report from the Deed Administrators after completion of the sale.

Mr Mentha said the sale would ‘end a remarkable 16-month administration marked by its complexity, a volatile trading environment and an extraordinary effort by all stakeholders to maintain the business and preserve a future for Whyalla’.

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