CMA Corporation, the Metals recycler with operations in Australia, New Zealand and Asia has gone into voluntary administration.
AAP reports that the company’s directors have appointed Phil Carter, Marcus Ayres and Nicholas Martin of PPB Advisory as voluntary administrators.
Carter said that PPB Advisory will undertake an urgent review of CMA's operations and, in the meantime, CMA will operate as usual.
A meeting of CMA creditors will be held on August 14.
One of the world's biggest privately-owned international steel traders, Stemcor is a major shareholder of CMA.
CMA had said it was in talks with its lenders on the implication of the non-payment of interest and the company's debt position.
As the Australian Financial review reported, in July last year CMA began restructuring and reduced the size of its workforce. At that time, the company was receiving some community complaints in regards to the noise from its Melbourne car crushing operations.