newsCO.com.au | Arrium creditors share in proceeds of sale

September 21, 2017

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2017-09-21 07:42:42

The majority of creditors of steel and mining group Arrium will receive just 15 cents in the dollar following the company’s sale to British billionaire Sanjeev Gupta.

The first dividend of $500 million, representing 10 cents in the dollar, will be be distributed to unsecured creditors by the end of October, administrators KordaMentha Restructuring said on Thursday.

There will be another two distributions, one of 2.5 cents in the dollar in December, and another of the same size in 2018/19, the advisory firm said.

About 5,000 unsecured creditors will share in the distributions from the sale of Arrium to Mr Gupta’s company, GFG Alliance, three weeks ago.

Finance creditors will be paid 70 cents in the dollar.

KordaMentha Restructuring said the Arrium administration was one of the largest and most complex in Australia, involving almost $4 billion of debt, 6,000 employees, thousands of suppliers, 40,000 customers, 40 banks and 20 bondholders and noteholders.

Entitlements of $7.2 million have already been paid to more than 400 Arrium employees who left the business after KordaMentha was appointed voluntary administrators in April 2016.

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