Arrium in Administration according to AFR street talk, page-8

I wouldn't think that this means a wind up of the company. If the banks were pushing for that they would have just accepted GSO and probably got a better return than liquidation. Voluntary administration can end in either liquidation (please no), return of the company to its directors (please God NOOOO!!!) or the signing of a deed of company arrangement. I believe the latter option is what the creditors have in mind. Allows them to dictate how the company will be run from here, no doubt a condition of them tipping in an extra $400mill.

* Haven't read the announcement yet so apologies if I am directly contradicting anything in it.