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Former Bradken chief Brian Hodges behind Moly-Cop tilt
Brian Hodges, who exited from Bradken on December 31 after 18 years running the heavy engineering company, has seen it all in the specialised world of grinding media and is helping Argand in formulating a potential bid. Virginia Star

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Former Bradken boss Brian Hodges has been brought on board as an expert adviser by United States private equity firm Argand Partners as it steps up a push to buy out Arrium's Moly-Cop business.
Hodges, who exited from Bradken on December 31 after 18 years running the heavy engineering company, has seen it all in the specialised world of grinding media and is helping Argand in formulating a potential bid.
Argand was set up by former Castle Harlan president Howard Morgan and managing directors Heather Faust and Tariq Osman, and targets mid-market transactions. Sources also suggested another party may be working with Argand and Hodges, with fingers pointing at New York's Cerberus Capital Management.
Arrium is in deep strife and its syndicate of up to 20 banks are desperately trying to work out a way of getting up off the canvas. The US emergency credit arm of Blackstone [GSO] has its foot on the lenders' collective throats with a proposal to pay them just 55¢ in the dollar for the loans they've got out to Arrium.
Earlier buyout proposals for the Moly-Cop unit didn't meet the price tag wanted by Arrium when a formal sale process was run late last year. However, the controversial GSO proposal and the fact Arrium is fighting for survival again as it threatens to close the Whyalla steelworks means a well-timed bid for Moly-Cop may gain some traction.
Hodges, a respected industry veteran, didn't exactly see eye-to-eye with former Bradken chairman Nick Greiner who left the company after the annual meeting in November.