Alternative proposals prepared for Arrium, page-5

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JeffN

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30/03/16

12:51

Post #: 17381342
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Originally posted by Coburg ↑

The big four banks continue to see a rising wave of potential bad debts thanks to the resources downturn. From Peabody to the Wiggins Island Coal Export Terminal, the corporate loan book for the big four isn't as pristine as it once was.

The Arrium situation is creating more angst than most, with the embattled steelmaker's banks being asked over coming weeks to vote on GSO's debt proposal.
The problem is GSO's restructuring deal would immediately crystallise debt losses for the bank syndicate, removing any so-called "runway" for the banks to recover that value over time.

Then again, all may not be lost. It's understood an alternative debt proposal is being prepared by a large London-based fund.
As revealed by Street Talk, Argand Partners LLC and New York's Cerberus Capital Management tabled a joint proposal for Arrium's Moly-Cop earlier this year and remain keen to engage with the lenders with regards to an offer for the entire company.

Another logical acquirer could be specialist investment manager Pamplona Capital Management which also threw its hat into the ring last year for Moly-Cop.

While its involvement was unconfirmed, sources said London-based Pamplona, which has a €3 billion private equity fund, had the necessary firepower to broaden its offer to include the entire company.

Read more: http://www.copyright link/street-talk/large-london-fund-prepares-arrium-proposal-20160328-gnsmmx#ixzz44EIlEt70
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I've just found this online. Don't know how I missed it. Looks promising?

ARI Price at posting: 2.4¢ Sentiment: Hold Disclosure: Held
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Alternative proposals prepared for Arrium, page-5

Top Stories

Drilling at Lady Ilse suggests gold-copper porphyry, grows footprint for Magmatic

Acquisitions roundup: European Lithium, Diatreme Resources and SRJ Technologies

Hexima shares rise 66% on proposed acquisition of AI player Real Thing Entertainment

Opyl forms JV with UK and US consortium to bring products to the world

NYSE-listed Alcoa Corp joins ASX through key JV acquisition

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