KordaMentha Restructuring today began distributing a
first dividend of $500 million to Arrium admitted creditors from
the proceeds of the sale of the steel and mining
group.
The distribution represents 10 cents in the dollar and should be
completed by the end of October. A further two distributions, each
of 2.5 cents in the dollar, are expected later in December and
during 2018/2019, depending on further claims and realisation of
some remaining assets.
About 5,000 unsecured creditors will share in the distributions
from the sale three weeks ago of the Arrium companies to the GFG
Alliance headed by the Gupta family. About 2,000 creditors were
receiving money today.
The distributions follow payments of $7.2 million in
entitlements two weeks ago to over 400 Arrium employees who left
the company after KordaMentha Restructuring was appointed Voluntary
Administrators in April last year. This represented 100 cents in
the dollar.
