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From Fairfax:
The administrators of collapsed Arrium have told staff a review of the company’s operations may take up to two months to finish and the group can operate on a “business as usual” basis for at least that long.
A letter obtained by Fairfax Media from Michael McCann, one of the four senior Grant Thornton staff who are overseeing the administration of the owner of the Whyalla steel mill, says the outcome of the review can’t be predicted. But he says if Arrium’s customers, suppliers and lenders back them, the group can continue to operate on a business as usual basis.
I suppose they know they’re doing but if I were an Arrium trade creditor I’d be calling it in pronto and cutting supply outside of cash on delivery.
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.
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