During the past week there have been a number of developments in the Arrium administration process that you should be informed of.
Unions and other creditors have elected to appoint KordaMentha as the company’s administrator. KordaMentha has a strong history of working constructively with unions and securing worker entitlements in situations such as this. We are confident that we will be able to reach the best possible outcome working with them.
The ETU and other unions are representing 6600 workers at 181 sites around Australia. We are determined to engage in a process that focuses on the preservation of jobs, of value, and of Arrium as a going concern – we don’t want the company to be propped up only to fall over again in six months.
We will ensure that there is money to cover all outstanding entitlements – employees of the company have priority over other unsecured creditors in this situation. The banks are locked in and are not allowed to sell their debt.
At this stage there are no redundancies or job cuts planned as part of the administration process.
We are meeting regularly with other creditors and will provide updates throughout the administration process.
We encourage members who have not appointed the ETU as their proxy for the administration process and wish to do so to obtain a proxy form from the local administrator representative and complete it in consultation with your local organiser for forwarding to the national office of the ETU.
Questions may be directed to Justin Page - email@example.com / 0414 877 301.