The Whyalla steelworks’ blast furnace will shut down for 36 hours starting Wednesday to allow for “urgent” maintenance work, as administrators warn the plant faces “severe challenges” and is in a “state of disrepair.” Energy and Mining Minister Tom Koutsantonis told ABC Radio Adelaide on Tuesday that the shutdown will enable repairs to the refractory…
Oceania Glass, Australia’s only architectural glass manufacturer, collapsed after its private equity owner declined to fund a $21 million plant upgrade, administrators told creditors on Sunday. The 169-year-old company, which supplied large glass panes for Parliament House in Canberra, appointed Grant Thornton as administrator on February 4 after facing liquidity issues. Administrator Lisa Gibb informed…
The Whyalla steelworks was losing $1.5 million per day before being forced into administration, burning through nearly $320 million in seven months, administrators KordaMentha revealed at a creditors meeting on Monday. The administrators outlined total debts exceeding $1.34 billion, including $189 million in outstanding employee entitlements and $40.2 million owed to the South Australian government…
The South Australian Government’s Steel Task Force has been meeting secretly with KordaMentha since before Christmas, as a strategy to push the Whyalla steelworks into administration was formulated, according to documents released on Monday. KordaMentha was appointed as administrator of steelworks owner OneSteel Manufacturing – a GFG Alliance subsidiary – on Wednesday last week after…
The South Australian government is pushing through legislation to move the Whyalla Steelworks into administration, allowing the state to take control of the facility.
By Peter Roberts Zinc bromine flow battery manufacturer Redflow has gone into voluntary administration after failing to secure new funds from investors. The company, which manufactures its Australian developed batteries in Thailand, has appointed Richard Hughes and David Orr from Deloitte as administrators. Redflow was one of the first to launch a commercial zinc flow…
Rapid welding equipment manufacturer K-Tig is back in business having escaped administration through a downsizing and refinancing operation. Administrators KordaMentha announced that creditors had approved a rescue package that will result in the company returning to normal operations recapitalised, and with a smaller cost base. Under a Deed of Company Arrangement, K-Tig management has been…
What were the five biggest stories of the week? Here’s what visitors to this site were reading. 5) Gilmour Space raises $55m, Eris rocket heads for space The historic launch of an Australian developed and manufactured rocket is closer with Gold Coast-based Gilmour Space Technologies closing a $55 million Series D capital raise ahead of…
