Australia-based advisory and investment company KordaMentha Restructuring, also the voluntary administrator of Australia-based mining and steelmaking company Arrium, has announced that it has chosen a consortium of South Korean firms, including private equity company Newlake Alliance Management, asset management company JB Asset Management and steelmaker POSCO, as the preferred bidder for Arrium.
KordaMentha, which is also managing the sale process, stated that it will work with the consortium to finalize the sale contract as soon as possible. The sale process also includes discussions with the Australian Federal and South Australian governments on investments in the future of Arrium’s operations in Whyalla. The final sale is subject to certain approvals.
“After a 14-month administration and a nine-month sale process, we are now an important step closer to providing certainty to employees, creditors, suppliers, customers and the Whyalla community,” stated Mark Mentha, restructuring specialist and partner at KordaMentha.