ION

Shares / Stock Code

ION

Stock Exchange / Sharemarket

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ION is involved in the manufacture of automotive parts and distributor of liquid fuels. It was listed on the ASX on 5 December, 1985. In 2001 the company changed it's name to ION from Iron Carbide Australia Limited. In 7/12/2004 the company shares were suspended from quotation following the appointment of administrators (McGrathNicol + Partners) - it appears that a consortium of five banks withdrew a $440 million line of credit that Ion secured only three months earlier - the five banks are owed about $330 million - National Australia Bank is exposed to about $135 million - the other banks are Commonwealth, Westpac, BNP Paribas and Japan's Mizuho.

McGrathNicol is an independent boutique advisory firm specialising in Corporate Advisory, Forensic, Transaction Services and Corporate Recovery. They are a market leader in Australia and New Zealand, with more than 300 people across the region, including 30 Partners. The company was listed on ASX on 5 December, 1985.