The Australian is this morning reporting that some of the loans within the 25 banks that hold Arrium's debt of $1.7b is being offered at 0.65c in the dollar.
Arrium could sell say 50% of Molycop for $850 mil and buy most of their own debt back... $1.7b x 0.65 = $1.105b.
Debt reduced to $255m, which would be quite manageable & they still own 50% of Molycop along with the all the other components of the business.
Arrium debt
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