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.
For more information, please contact:
Edelman Public Relations
M 0416 826 037
About Grant Thornton Australia Limited
Grant Thornton is one of the world's leading organisations of independent assurance, tax and advisory firms. These firms help dynamic organisations unlock their potential for growth by providing meaningful, forward looking advice. Proactive teams, led by approachable partners in these firms, use insights, experience and instinct to understand complex issues for privately owned, publicly listed and public sector clients and help them to find solutions. Grant Thornton Australia has more than 1,200 people working in offices in Adelaide, Brisbane, Cairns, Melbourne, Perth and Sydney. We combine service breadth, depth of expertise and industry insight with an approachable "client first" mindset and a broad commercial perspective. More than 40,000 Grant Thornton people, across over 130 countries, are focused on making a difference to clients, colleagues and the communities in which we live and work. Through this membership, we access global resources and methodologies that enable us to