Arrium Limited
(ASX:ARI) has appointed Grant Thornton to act as voluntary administrators.
The move comes following the rejection by Arrium’s lenders of a recapitalisation plan for the steel and mining group involving GSO Capital Partners LP.
Arrium said that the board has been left with no option other than to place the relevant companies into voluntary administration in order to protect the interests of the stakeholders.
Arrium told shareholders the group will continue to trade on a “business as usual” basis while the administrators undertake a comprehensive and thorough review to identify the steps that can be taken to stabilise the Australian steel and mining businesses, with a review to restructure.
Arrium recorded a net loss of $235.4 million at 31 December 2015.
