Atlas crushed

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From the AFR:

Embattled iron ore junior Atlas Iron will extend its suspension from trading on Tuesday but is likely to be in receivership by the end of the month, industry sources told Street Talk.

…Sources said the majority of the company’s debt-holders were in favour of it entering receivership, an outcome which is likely to be realised by the end of the month.

It was good time if not a long time.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.