Macquarie Capital could be the latest group sizing up a potential recapitalisation plan for the distressed miner and steel manufacturer Arrium, as it emerged yesterday that the Australian investment bank is among those that pitched for an advisory role to the company’s discontented lending syndicate.
The pitch comes as Moelis — the firm tipped as the front runner to secure the role — has opted out of the contest, with some suggesting that the boutique adviser may now be conflicted.
Macquarie has a special situations arm itself and is no stranger to distressed situations, buying up discounted debt in the failed toll road operator BrisConnections, which was sold last year.
Other parties that pitched for the Arrium role, Fort Street Advisers and Rothschild, will likely find out if they are successful on winning a mandate this week.
One far-flung possibility is that Moelis could be poised to secure an advisory role to work with Howard Morgan and his firm Argand and Cerberus Capital Management, which last year put a proposal to the Arrium board that rivalled one currently mooted by Blackstone.
ARI Price at posting:
2.7¢ Sentiment: Buy Disclosure: Held
