If you are
shareholders of ANZ, CBA, NAB and WBC, you should support the debts restructure/refinance request proposal by ASU to avoid hundreds of million dollars debt write off in the event of fire sales of the remaining Arrium Australia assets!
If you are
trade creditors of Arrium, you should support this proposal to avoid losses from the outstanding debts and to resume normal trading with the company!
If you are
employees of Arrium, you should support this proposal to avoid job losses and to remove uncertainty around the future of the company!
If you are
politicians, you should support this proposal to avoid losing the national significant steel making industry to the overseas buyer!
Article Link:
http://arrium-asu.wixsite.com/fight...--Debts-RestructureRefinance-Request-Proposal
ASU - Debts Restructure/Refinance Request Proposal
January 13, 2017
Arrium Shareholders United (ASU) has today written to the CEOs and CFOs of all 4 major commercial banks (ANZ, CBA, NAB, WBC) to request for consideration and support for a Debts Restructure/Refinance proposal initiated by ASU.
Proposal Highlights
- Reduce existing financing debt using sale proceeds received from the sale of Molycop mining consumable division for an amount up to A$1.6b.
- Retire remaining financing debt at face value (no loss to the existing lenders) and be replaced with a new secured term loan and working capital facilities provided by the existing lending syndicate. The new secured term loan will be for a term up to 5 years secured by Arrium steel and mining assets with principal reduction starting at the beginning of 2nd year. Normal lending criteria and covenants are to apply.
- A new board of directors will be formed including two seats recommended by the existing lending syndicate.
- Obtain co-investment from South Australian government and Australian federal government for up to $150m to invest in new technology to upgrade aging Whyalla Steel plants.
Key objectives of the proposal are
- No losses to the existing lenders and creditors. Debts will be restructured and repaid over an agreeable term.
- Remove the uncertainty around the future of the company for the benefits of all stakeholders.
- Avoid massive job losses in the event of change of ownership of Arrium steel and mining assets.
- Maintain workers’ entitlements and working conditions.
- Keep the steel industry in Australian hands.
It's a national imperative to keep the steel manufacturing industry strong, sustainable and in Australian hands. Australia cannot afford to make the same mistake as before from losing these nationally important assets to overseas investors.
This is now the best opportunity for all stakeholders to work together to return the company back to its legitimate owners and to keep the national important assets in Australian hands.
Arrium Shareholders United (ASU)
ASU Email:
[email protected]
ASU Website:
http://arrium-asu.wixsite.com/fight-for-justice
ASU Facebook Page:
https://www.facebook.com/arriumasu/
ASU Facebook Group:
https://web.facebook.com/groups/1741774889431739
ASU Petition:
nodefamatory content can be brought...ustry-return-arrium-to-it-s-legitimate-owners
