Prospects for the restructuring of debt-laden Australian iron ore and steel group Arrium look a little less gloomy after several measures adopted to boost efficiency at an ageing steelworks, an administrator said on Sunday.
With debts exceeding A$2.8-billion ($2.1-billion), Arrium’s decision to enter voluntary administration, raising the possibility of a liquidation, shows how creditors are souring on indebted resources companies in the current tough climate.
