Business

Creditors approve proposal to save Boulder Steel project

Paul Sundstrom
Paul Sundstrom Luka Kauzlaric

THE Boulder Steel project planned for Gladstone took a major step forward on Tuesday when creditors agreed to a new proposal.

Otsana Capital, working closely in conjunction with Paul Sundstrom, were successful proponents of the Deed of Company Arrangement (DOCA) proposal for Boulder Steel Ltd (Administrator Appointed) (Boulder Steel), owner of the Gladstone Steel Project at an adjourned second meeting of creditors on Tuesday morning.

The existing shareholders of Boulder Steel will now be required to approve resolutions at a shareholders meeting, estimated to be held in the next three months.

Mr Sundstrom said this should not be a significant hurdle.

He said he was very comfortable working with the Otsana people and was quietly confident "that together we will get the job done and deliver those 1800 permanent jobs that are at stake".

It is expected that significantly more jobs will be created during the construction phase of the project, which Mr Sundstrom said would be a huge benefit to the local community and businesses.

He will be working closely with Otsana over the period leading up to the shareholders meeting to preserve the value of the Gladstone Steel Project and ensure all the necessary steps are taken for Boulder Steel to realise the DOCA.

According to its website, Otsana Capital specialises in IPOs (initial public offerings), corporate restructuring and recapitalisation of ASX-listed companies.

Its team has specialist skills in mergers, acquisitions, capital raisings and listing ASX companies.

Its aim is to "do projects that we think are important and also contributing to noble causes we value".

Topics:  boulder steel business gladstone steel plant



How to survive a bushfire in your car

IT SOUNDS like a nightmare, but it can happen.

Eight reasons to join the RFS

SPREAD across 93% of Queensland, the Rural Fire Service has about 36,000 volunteers. And you could be one of them.

What if my insurer gives me grief?

CLAIMING your insurance cover after a natural disaster can go one of two ways. It can be a breeze, or like pulling teeth.

He's accused of raping his cell mate while watching porn

Borallon Correctional Centre. Photo Contributed

A CAPRICORNIA Correctional Centre inmate is on trial.

BOM: Severe weather warning tonight

REAL TIME: A massive cloud band is moving across Rockhampton right now. Source: Real Time BSCH

Possible flash flooding for the region

Thieves spoil mangoe lady's trip to the Rockhampton region

Jason Pfingst of Lilly Pilly Organics wants to grow the Yeppoon Markets, as part of the new Relish Capricorn initiaitive.
Photo: Contributed  /  Rural Weekly

Sharon drives down almost every week to sell her mangoes

Local Partners

Chris Pratt fell asleep while babysitting

Chris Pratt revealed he fell asleep during babysitting duties

Kylie Minogue: I want to get married soon

Pop star Kylie Minogue has revealed she hopes to get married soon

Amanda Seyfried lets slip the sex of her baby

Amanda Seyfried has suggested the sex of her baby

Meet the Brisbane breakfast radio king's replacement

Craig Zonca ABC Radio

ABC announces Craig Zonca as the replacement for Spencer Howson

How predictable are your Netflix habits?

Stranger Things is taking the world by storm as a new-age nostalgic Sci-Fi Thriller

The new entertainment binging pattern

Kanye West is on the mend now he's back from hospital

Kanye West is more relaxed since returning home from hospital

Ipswich City Properties asset portfolio retains its value

Ipswich City Council Administration Building, South Street, Ipswich. Photo: Claudia Baxter / The Queensland Times

New website launched by Ipswich City Council

High profile premier invests in Gladstone industrial facility

Former Queensland premier Campbell Newman heads a group that bought the UGL warehouses in Paget for $10 million.

FORMER PREMIER heads group that's backing Gladstone to bounce back.

INSIDE STORY: The highlights of your $150 million CBD

GRAND PLAN: The highlights of the Ipswich CBD redevelopment and where they will be located.

Work on city heart's radical transformation to begin next year

VOTE IN OUR POLL: Sand mine opponents face serious dilemma

Public meeting for the proposed sand mine at Maroochydore last week.

Coast MP calls on Minister to stop KRA proposal with stroke of a pen

Developer's grand new multi-million dollar estate

NEW ESTATE: This is the only plan revealed by the property developer's new Billabongs Estate in Agnes Water.

DEVELOPER given the go ahead for a massive estate with 149 homes.

Ready to SELL your property?

Post Your Ad Here!