Whyalla steelworks was losing $1.5 million a day before being put into voluntary administration and owes creditors $1.34 billion, including $570 million to entities owned by British industrialist Sanjeev Gupta, which administrators have flagged as a disputed claim.
The steelworks in South Australia was plunged into voluntary administration two weeks ago owing employee entitlements of $189.7 million, the SA state government $40.2 million, and other secured creditors $281.5 million. Unsecured creditors are owed $837 million, the administrators appointed to sort out the mess, KordaMentha, said.
“There are a lot of people at this meeting who are owed a lot of money, and that is not lost on us,” administrator Sebastian Hams told a…
