Boulder Steel rescue plan clears first hurdle with deposit

Plans for the Boulder Steel development in Gladstone.
Plans for the Boulder Steel development in Gladstone. Contributed

PLANS to rescue Boulder Steel will kick into action on Thursday as the fighting fund reaches $50,000.

With $48,700 in the account as of Wednesday, a deposit will be lodged with the administrator along with a proposal to rescue the company, a day ahead of the administrator's deadline.

But some contributors are not leaving their details, making certain deposits - particularly cash ones - untraceable.

Boulder rescue co-ordinator Paul Sundstrom said the Commonwealth Bank had been helpful in tracking down some contributors.

"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," he said.

Mr Sundstrom said the next contribution target was the money needed to pay creditors after the rescue group's proposal was accepted, and then the community would take control of the company.

For further information, contact Mr Sundstrom on 4979 2040.

Topics:  boulder steel gladstone business gladstone industry resources

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