News: ARI Australia's Arrium plans sale of Moly-Cop unit -administrator

SYDNEY, May 23 (Reuters) - Australian steel group Arrium Ltd (ARI) , now in voluntary administration, will hire a global investment bank to advise on the sale of its Moly-Cop mining supplies unit, the company's administrator said.

The move is part of planned recapitalisation and sale of Arrium's assets, which also include steel production and distribution businesses, according to the administrator, KordaMentha Restructuring.

Arrium went into voluntary administration in April after its creditors rejected a $927 million bailout proposal by private equity group GSO Capital Partners that would have required them to accept no more than 55 cents in the dollar on their claims.