Doomed iron and steel giant Arrium attempted to stave off its inevitable $2.8 billion collapse and put off negotiating with its lenders until the last minute despite warnings from its legal and financial advisors, liquidators for the company told the court.
Directors of steel producer Arrium continued to borrow money from “vulnerable” lenders in the months prior to the company’s $2.8 billion collapse and “bled cash” despite the inevitable end, a number of lenders have said on the first day of a 40-day trial in the NSW Supreme Court.
Construction giant Boral must now contend with three class actions by shareholders alleging it failed to disclose financial problems with its US windows business, but the cases will stay on ice pending a High Court challenge.
A judge has pushed off a heated contest between law firms vying to lead a shareholder class action against construction giant Boral for what could be a year as a landmark High Court challenge plays out.