The steelworks in South Australia owes creditors $1.34 billion,with worker entitlements clocking in at $189.7 million.
Canberra’s pledge to shield blue-collar workers from a wipeout of the Whyalla steelworks has immediate political upside,but is it throwing good money after bad?
The faltering mill was plunged into administration on Wednesday and state and federal governments have pledged billions of taxpayer dollars if a new buyer can be found.
First Rex,now Whyalla. It’s a bad look for the government to be bailing out businesses that have been poorly managed,even if the help is not going to shareholders or even creditors.
Governments have promised a $2.4 billion taxpayer bailout,if a new buyer can be found for the beleaguered mill.
The Albanese government will invest multi-millions to help keep the plant afloat after it was seized from the control of British billionaire Sanjeev Gupta.
Lincoln Minerals is lining up key partnerships for its Green Iron project,which has a 1.2 billion-tonne magnetite deposit,on South Australia’s Eyre Peninsula.
Climate action is finally coming to Whyalla,the South Australian industrial town Tony Abbott said would be wiped off the map.
The steel tycoon and the Swiss bank say they are confident of reaching an agreement that would see the bank repaid in full for its Greensill debt.
Greensill Capital founder Lex Greensill will be publicly grilled by British politicians this week.