KordaMentha has today provided an update on the voluntary administration of Arrium Limited (ASX:ARI).
The administrator says that it is currently in the process of re-capitalising and selling the troubled steelmakers’ various businesses – including the Steelworks operations at Whyalla, Moly-Cop and OneSteel.
KordaMentha says that that it will appoint a global investment bank shortly to advise on the sale of Moly-Cop, Arrium’s grinding media business.
KordaMentha expects the recapitalisation / sale process to start in late July and finish by the end of the year.
It is estimated that Arrium currently has over $2 billion in debt.
