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Arrium shares suspended as talks continue with lenders

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Arrium shares suspended as talks continue with lenders

Arrium Ltd.on April 6 requested a voluntary suspension of its common shares on the ASX as itnegotiates with its lender banks and note holders to restructure about A$2 billionin outstanding debt.

"[R]einstatement of trading in its shares at this stagemay be materially prejudicial to the outcome of those discussions and its abilityto complete a recapitalization or restructure which is critical to the company'scontinued financial viability," the company said.

Arrium expects to announce the outcome of the talks within aweek.

Recently, creditors of Arrium rejected a US$927 million recapitalization proposal from U.S.-based GSO Capital PartnersLP.