And let's hope there is a takeover of Arrium and the banks agree...

And let's hope there is a takeover of Arrium and the banks agree to some sort of temporary debt write-off.

Agree with fitnfam that Bluescope would be the ideal buyer in the national interest.  Offer some scrip to existing shareholders of Arrium and maybe some warrants on the shares for lenders forced to take a haircut on remaining debt owed (after selling Molycop).  Just make sure the warrants do not vest for at least 3 years from now.

Arrium shareholders who have been so terribly represented by the board of Arrium at least benefit from a rising Bluescope share price and who seem to have better management in place than Arrium.  

You could have a company earning around A$1 billion per year in 12 months time of the takeover with the 2 businesses combined- 2 mini mills, scrap recycling,  MBR Iron Ore Mines and the Whyalla Port and Steel Mill (minus the Molycop operation which will be sold off)

By God if we do not get something back out of this there will be hell to pay against the directors of Arrium in the form of lawsuits.