NB: I've still got some 130 brochures left. Looks like I've got myself
a creditors' meeting to match.

http://www.heraldsun.news.com.au/printpage/0,5481,11624420,00.html

3000 jobs put into jeopardy
Peter Mickelburough, state politics reporter
08 Dec 2004

ABOUT 3000 workers face an uncertain Christmas after major Victorian
car-parts maker Ion went into administration yesterday.

Also in doubt is a $90 million engine plant being built at Altona as
part of a $1 billion contract to supply engines to Holden, won by Ion
in October 2002.

Ion makes alloy wheels and parts, transmission assemblies, cylinder
heads, oil pans and other automotive products for major companies
including Ford and Harley-Davidson.

It is also Australia's largest transporter of petroleum products, with
320 tankers distributing oil and gas to retail and commercial outlets,
and a major aviation refueller.

The expected sale yesterday of the group's fuel distribution arm, Ion
Energy Services, was halted by the administration move.

The deal to make 200,000 engine blocks a year for Holden's new V6
alloy motors would have created more than 100 jobs at the Altona plant.

When the deal was struck, Premier Steve Bracks said it would reinforce
Victoria's reputation "as the home of Australia's automotive industry".

A spokeswoman yesterday said the Government was happy to work with
administrators to save workers' jobs and the company because Ion was
important to the state's vehicle manufacturing industry.

The Richmond-based company employs about 3000 people at sites in
Australia, New Zealand and the US with annual revenue of about $700
million.

Just under half the 700 workers at the company's $88 million Albury
transmission plant live

in Victoria. Australian Workers Union secretary Bill Shorten slammed
the company's bankers for withdrawing financial support just months
after providing a $440 million line of credit to Ion.

"What has changed so radically in such a short time? We want to
understand how they, as good corporate citizens, can be accountable
for their short-term decision to interfere with the future of Altona,
South Australia, Auckland and Kentucky," he said.

Mr Shorten called for immediate talks, but said he believed most
workers' jobs and entitlements were secure in the short term.

Construction at the Altona site stopped yesterday after head
contractor John Holland sent workers home at the administrator's request.

Trading in the company's shares was suspended when its directors
placed Ion into voluntary administration as a result of cost overruns
and delays associated with the Altona plant, and projects in South
Australia and Kentucky.

Ion Chairman John Pizzey said the unanimous decision followed the
decision of Ion's bankers to cancel its main lending facility.

"Without the support of its bankers, Ion will not be able to meet its
commitments for the capital expenditure program required to complete
its current growth projects," he said.