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Whyalla steelworks, crucial to South Australia's economy, enters voluntary administration with $1.3B in debt.
The Whyalla steelworks in South Australia, a key employer for over 1,500 workers and 2,500 contractors, is in voluntary administration for the second time in less than a decade, owing creditors over $1.3 billion.
British industrialist Sanjeev Gupta's entities are owed $570 million of the debt.
KordaMentha, restructuring experts, have been appointed as administrators, potentially operating the facility for up to a year.
The steelworks previously lost around $1.5 million per day.
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Whyalla Steelworks, crucial para la economía de Australia del Sur, entra en administración voluntaria con $1.3B en deuda.