Correct me if i'm wrong but Arrium has not defaulted on any loan payments, the loans are unsecured so they cannot be forced into VA yet? The main problem is Whyalla loses more money than they can make from MolyCorp. So their main issue is they are unlikely to be able to pay their debts in the future. So wouldn't the most obvious choice be to close Whyalla and put on care and maintenance, to stop the loses and then use MolyCorp to service their debts. Then wait until iron ore prices increase before re-opening Whyalla?
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