Home > Gladstone Steel project rescue group to pay administrators

Gladstone Steel project rescue group to pay administrators

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The Gladstone Steel Project is a step closer to being resurrected, with the rescue group raising enough money to submit to the administrators, one day ahead of the Friday deadline.

The project and Boulder Steel, the company behind it, both went into administration in July last year.

It was reported this week that a group, led by engineer Paul Sundstrom, had until Friday to pay $50,000 and lodge papers with insolvency firm Nicols and Brien.

The money will be handed over today, reports Gladstone’s The Observer, though some contributors have failed to leave their details so their deposits can be traced.

"If you have contributed recently and not sent us your details, please contact us so we can make sure that your shares are issued to you if we gain control of the company, which we have a good chance of doing now," Sundstrom told The Observer.

The nest step in the rescue attempt will involve paying creditors.


Image: The Observer

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