Some creditors received 100%, others 15% and others somewhere in...

Some creditors received 100%, others 15% and others somewhere in between. All depended how crucial you were as a creditor to the Arrium business, the 100 per centers were those 'essential' creditors where if they stopped supplying or went under Arrium couldn't have continued operating.

What the banks got was what they wanted, a business that wouldn't be returned to trading and no further risk of shareholder action against the company for non-disclosure.