Gladstone Steel project rescue group to pay administrators

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

“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