The big four banks from Australia, which are owed a billion dollars by debt-laden steelmaker Arrium, have been warned not to start legal action in a bid to gain control of the administration process.
The South Australian-based steelmaker and iron ore miner was placed in voluntary administration by its directors — in what has been seen as an act of defiance, which meant they appointed administrators, Grant Thornton, before the banks could act.
The company is in debt by more than $4 billion and owes about $2.8 billion to lenders, $1 billion to suppliers and about $500 million to staff.
About 7,000 jobs are under a cloud Australia-wide, with Whyalla, in SA, to be hardest hit if the company collapses.
The company employs 1,600 people directly and has an additional 1,400 contractors in South Australia.
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