Arrium Shareholders United is a group of 280 shareholders who want Moly-Cop sold with the proceeds used to pay off debt and a refinance deal struck to keep the company trading. HVMo6WT@%&q6E.jmlh'VH%g! 7o9_|1UYym|Stl)Ng'OL(^: UdDpE*2#rUfQX(-f JpZebvb]8LJR1[ s%Q But group spokesman Steven Dahlin said the administrators wanted to sell the whole business, including the Whyalla steelworks and would seek approval to do that at a creditors' meeting today. We should be actively engaged in the administration process and will be working constructively and collaboratively with all stakeholders including the governments, creditors and unions to develop a workable plan and management structure including electing a capable board of directors to lead the company to a successful future. A credit card functions as a personal loan to the consumer that is best paid off in full at the end of each billing cycle. buttons have visual effect only. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. The administrators however continue with their agenda despite market fundamental favouring the end of administration and the return to normal trading. An effectively managed Arrium with the current vertically integrated business structure will provide long term benefits for all stakeholders. We do not support the use of taxpayer funding to facilitate the sale of Arrium businesses in particular to overseas interests. Keep Australian Made Steel Australian Owned, Riskof Closure of Whyalla and Underperforming Plants, Subsidise Foreign Owned Company with Tax Payers Funds, Loss of PriceControl and Adverse Economy Impact, Terminatethe administration and Return the company back to shareholders, Banks haveno rights to call in unsecured lending which is not due and payable, Why liquidatinga profitable Arrium Australia business, Lack of Transparency of the Administration process, actual and projected financials of the company, Administrators relationship with the lenders, Work with Shareholders constructively to build a strong and profitable company, The next phase of Australia's diminishing tax base? Use tab to navigate through the menu items. Mining should be making at least $18 per ton given the increase in the iron ore price, labour cost cut, reduction of previous contracts and the ending of shipping contract savings from September 2016 onwards. Are they selling Molycop as well as Arrium Australia or just Molycop only? Share thiscampaign page to your friends, families, communitieswho care about the principles of justice, the unfair tactics of the Banks and therights of shareholders. endstream endobj 68 0 obj <>stream The liquidators have reached an in-principle agreement with the defendants in the insolvent trading proceeding, he said. Arrium went into administration in April 2016 owing $2.8 billion to 60 banks and 30 noteholders. Debt management is a structured program designed to negotiate lower interest rates and payments with your creditors. A treasury employee who was a defendant in one of the three legal actions being fought over the $2.8 billion collapse of Arrium has reached a . 0 We challenge the injustice brought against the shareholders in the administration process including lack of transparency, lack of communications and consultation. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. The new owner will be in a monopolistic position to control the pricing of steel which will adversely impact the cost of construction, infrastructure projects and the overall economy as a whole. hTN@~y(P8'Mofc Fog ea$.:=b^jgv`*Z}=Hcr{Ycy5M\ubvIn4SYU6mr=my/brY7+ luuhI47}po"m7{*R,6T.^7Ev}WQ|J nTy]t"nyvbmF`s:e%:IB$A4Pjq6_Po1E=IzolA\87b/bn-kS+*] Please consult with a bankruptcy attorney for more information on bankruptcy. This site was designed with the .com. "The plaintiffs and many other shareholders have likely suffered loss from their investment in it; and, on the face of it, the plaintiffs seek to examine Mr Galbraith as to matters as to which the liquidators could properly have examined him, although the liquidators have made a reasoned decision that their resources are better directed to the insolvent trading claim," Justice Black said in his judgment letting lawyers for the shareholders examine Mr Galbraith. Can you barely afford to pay your business bills? Terms are often settled in the form of a lump sum payment, although the settlement can also be paid off over a period of time. It is WRONG for the administrators KordaMentha to attempt selling off the remaining Arrium Australia as a profitable and going concern company atthe expense of the shareholders. 75 0 obj <>/Filter/FlateDecode/ID[<7863A2C62D51C46FC0816AAD42239D7B><3D7D2D67B9588A4AB8A1BAF72212CBD3>]/Index[63 20]/Info 62 0 R/Length 71/Prev 24992/Root 64 0 R/Size 83/Type/XRef/W[1 2 1]>>stream but they have been taught to smile smile smile. Have they seriously considered returning the company back to the shareholders? A key reason for the appeal is concern in the liquidator's camp that the Supreme Court ruling will set a precedent for how liquidations of listed companies are operated and allow interventions by class action lawyers looking to shore up their cases against directors or the company. "The information likely to be produced by the plaintiffs examination of Mr Galbraith would also likely advance the interests of Arrium and its creditors, so far as it either produces additional relevant information that supports further causes of action by Arrium, or does not do so and therefore supports the liquidators present assessment that their insolvent trading claims are more likely to benefit Arrium and its creditors than the claims which the plaintiffs seek to investigate.". Estimates based on prior results, which will vary based on specific circumstances. Were hopeful that will be done in the course of today.. KordaMentha partners ran the business as administrators for 16 months before British billionaire Sanjeev Gupta bought it for about $700 million in August 2017. At United Debt Settlement, our experienced debt settlement professionals enjoy strong relationships with many of the leading providers of business debt and possess a broad understanding of the overall business lending landscape. She is wonderful to work with! For a prolonged administration (well over 13 months) with substantial fees involved for the administrators and their advisers, does it not raise the red flag to the authorities (ASIC, governments, politicians) to investigate? In the latest development of one of Australia's biggest corporate collapses, lawyers for liquidators to the former operator of the Whyalla steel mill are trying to stop a move by class action firm Squire Patton Boggs to examine Colin Galbraith, also a former director of Commonwealth Bank of Australia, to gather evidence for its planned action. I've been working with Ben at United Debt to help me organize and get out of debt for once - I've been dealing with debt for ages and Ben showed me some simple ways to begin dealing with things to keep me from bankruptcy or worse. Renika went above and beyond today to help me. A delegation, which included SA Treasurer Tom Koutsantonis and Federal Minister Greg Hunt, recently travelled to South Korea, to meet the country's largest steelmaker POSCO the only company to show interest publicly in Arrium. Mr Galbraith was a director of Arrium from 2000 to 2015. The actual and projected financials of the company. Governments policies were also introduced to support the company in the way of anti-steel dumping tariffs and encouraging the use of locally made steel for governments projects. hb```F9ea`B80 I$EybX,,= $ 42 Justice Stephen Gageler, Justice James Edelman and Justice Simon Steward said examining an officer or director was allowed under section 596A of the Corporations Act. See if you qualify for debt relief. Sun Cable: How Australia's biggest renewable energy project hit a snag, Why community batteries could be the next step in the solar power revolution. Arrium has debts of more than $4 billion and was placed into voluntary administration, Arrium delegation's 'deadly serious' talks in South Korea, When Matthew died suddenly, there were only old photos to remember him. Renika did a wonderful job handling my questions and transactions. Really didnt think it was possible. The Anchorage and BoC proceedings are not against Arriums directors. Beverley Newbold, the head of class actions at law firm MinterEllison said it would benefit those pursuing claims against directors or officers of insolvent companies. Working constructively and collaboratively with all stakeholders including the governments, creditors and unions to develop a workable plan and management structure including electing a capable board of directors to lead the company to a successful future. Ms Banton has left the door open to pursue KPMG, which audited Arrium's accounts, and UBS, which was the underwriter of Arrium's $465 million institutional placement in September 2014. This was a great experience for me. Arrium has debts of more than $4 billion and was placed into voluntary administration in April, putting more than 8,000 jobs at risk nationwide. Arrium called in administrators in April 2016 with debt of $4 billion. Not only is it inconvenient to keep track of various payment schedules to ensure proper timely payments, the avoidance of late fees and damage to a credit score and profile, but it also can be far more expensive than making payments to one single creditor. Since the actual and projected financials have not been made available to the shareholders as it would usually be, we have extracted the following details based on the past financial statements, prevailing iron ore and steel prices at around 10th August 2016,published and publicly available information: Arrium has $2 billion of accumulated tax losses which is worth around $600m alone to be carried forward further improving Arrium Australia bottom line for years to come. Arrium Shareholders United (ASU) is a group formed by shareholders including many former and current employees, suppliers, mums and dads investors following the dramatic development of the company entering into voluntarily administration due to the disputes between the board of directors and the lenders over the GSO recapitalisation proposal. You sure have made mess of your life. The insolvent trading action brought against Arrium Group's board of directors and members of management has reached a settlement. We request that you get involved in this important matter with the qualifier that whatever happens with Arrium will be remembered for generations.Returning the company back to its shareholders is the only just decision rather than selling it off in pieces to non-vested parties only to create . Why do you want to . A second lender claim from Chinas Bank of Communications (BoC), Westpac, and Spains Banco Bilbao Vizcaya Argentaria began its arguments late on Tuesday. Debt consolidation, & debt management combine all unsecured debt to one simple payment, with consolidation usually requiring a loan. You are a group member if you purchased Arrium shares (or any interest in Arrium shares) from. 2 In addition, under subsection (4)(b) Australia Corporations Act 2001 SEC 439A. For a business generating a total annualised EBITDA of around $400m (excl Molycop) with a cumulated tax benefits of $600m, there is no reasons Arrium Australia cannot continue with its current owners and the alleged EV of $1b isgrossly. In addition, the highly sought after mining consumablesubsidiary Molycop will be sold for well over $1.5b reportedly and the proceeds from the sale alone will be more than sufficient to service the next trenches of loan repayment amounting up to $800m in 2017/18. Our mission at United Settlement is to help others with their debt. This service may include material from Agence France-Presse (AFP), APTN, Reuters, AAP, CNN and the BBC World Service which is copyright and cannot be reproduced. 82 0 obj <>stream We believe the company should never be broken up and sold to private equities, hedge funds and foreign companies as the consequence will be detrimental to the workers and their families due to aggressive cost cutting and profit first mentality. Medical debt can be difficult to deal with, as an individual burdened by a large amount of medical debt didnt become afflicted out of choice. They said the Court of Appeal, which overturned the trial judge, had applied the settled understanding around section 596A. 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