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From the AFR:
The administrator of collapsed steel group Arrium, insolvency and accounting firm Grant Thornton, is set to be forced out of the position at a court hearing in Melbourne on Tuesday.
Arrium’s bankers and it main union, the Australian Workers Union, confirmed this morning that a deal had been done to replace Grant Thornton with insolvency firm Korda Mentha.
The deal, which required a concession from Arrium’s lender group who had consistently expressed a preference for McGrathNicol, was signed off in the early hours of Tuesday morning.
If the union is in bed with the banks then that settles the debate about whether either is seeking to close Whyalla at this point which is good news.
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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