And here it is:
Looks like Whyalla has been sunk by the Turnbull-Henry torpedo:
“In conjunction with key stakeholders including employees, lenders, government and suppliers, [the administrators will] undertake an urgent but comprehensive review of the core Australian steel and mining businesses,” Grant Thornton General Manager Ian Pope said.
“Voluntary Administration provides Arrium and its stakeholders time to develop options that will help preserve long term value and optimise the position of its creditors.
“Our focus will be to stabilise current trading, maintain business as usual across the Group’s affected operations, identify ways to restore the performance of key business units and develop an optimal solution that maximises the return to creditors,” Mr Pope said.
Given the Feds look lost in their ideological cloaca, the SA Government should step and offer help if:
- first and foremost everyone ignores Treasury;
- ARI gets the money it needs to improve the competitiveness of the smelter:
- the board and executive take huge pay cuts for the period of public investment or resign;
- creditors take an appropriate haircut, enough to make the business viable;
- rights are issued to the State Government for a minority equity stake to be later sold, and
- unions agree to cram down worker entitlements.
