Neither the Lenders or the shareholders would want the company...

Neither the Lenders or the shareholders would want the company given back to this mob to manage - i.e. the directors on the board. Chances are that, it will remain in VA for a few months yet - once Molycop is sold (hopefully for $1.60 to $1.80 Billion), and there is an agreement on debt cancellation or forgiveness - $600 million or so, it may be able to be back on the market.

Only issue is then is what the lenders will do for the debt cancellation - if it is a debt for equity swap - shareholders can forget it - we will be wiped out. If there is a temporary debt writeoff then we may get something out of it - once again, if the Government can agree to dredge the port in Whyalla and then give some funds to modernize the Whyalla Steelworks, and the MBR Iron Mines can drive the breakeven price down to below US$40 per tonne, the MBR Iron Ore Mine and the Port could be sold off in around 2 years for around A$300 to A$350 Million.

Arrium is far more valuable if kept together for now (after selling off Molycop for $1.60 Billion) given the large tax losses to be carried forward (around A1.50 Billion) - no tax for another 5 years. So if steel is making good profits (esp. with tariffs now imposed) and Iron Ores breakeven cost be driven down they are in business if there is temporary debt relief - and the banks could get a large amount of the debt written off (back) if they agree to sell the MBR Iron Ore Mine and Port in 2 to 3 years from now.