News: ARI Kordamentha Restructuring announces completion of Arrium Australia sale, page-11

I dont believe Banks got 70%. I reckon it was 100%

They may not have got all their penalty interest in their Terms agreed in case of Administration.

I think Gupta got it for free plus Stockpile at value.

All in all, I think it was the Government that got what it wanted.

Its even possible that once it was separarated from BHP the destruction plan was implemented.

Load up on debt and buy out all dud assets you can with the company.

Then send the company into admin, and fire sale it to overseas to implement phase 2 of the political objectives.

In many ways this al could have been planned following a buisness model used in managing Assets off loaded.