Paul Sundstrom
Paul Sundstrom Luka Kauzlaric

Creditors approve proposal to save Boulder Steel project

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".


Lismore Gallery exhibits capture our reach

Lismore Gallery exhibits capture our reach

As a public facility the gallery's remit is ensure reach is broad

Escape the screens and let's get cycling

Escape the screens and let's get cycling

cycling gives your mind a break and your body an influx of oxygen

Gallery exhibits a 'portrait' of Lismore

Gallery exhibits a 'portrait' of Lismore

Two of our best photographers give Heart & Soul to new exhibition

Local Partners