KordaMentha says no break-up of Arrium as Morgan Stanley hired, page-23

$2 billion in tax losses x 30% = $600 million tax savings for the entity who takes over ARI as a whole. The question is how much are they going to pay for each share and how much haircut are all the creditors taking. I guess is $0.05 for the shares and 75 cents in the dollar haircut for all creditors. Just an unsubstantiated guess as I believe shareholders need to get something to avoid the risk of having court orders blocking the sale process due to class actions.