Highveld units for sale as ‘going concerns’ after holistic deal collapses

February 8, 2016

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The Evraz Highveld Steel and Vanadium business rescue practitioners will now seek to sell individual components of the enterprise as going concerns following a failure to consummate the sale of the entire business to International Resources Limited (IRL), of China. The transaction collapsed after the conditions precedent were either not fulfilled or waived by the January 31 deadline. Joint business practitioner Piers Marsden acknowledged in an interview with Engineering News Online that the new strategy – detailed as ‘Proposal 3’ in a business rescue plan, published in September – was unlikely to save all of the 2 000-plus jobs at the company and said it was premature to speculate on how many jobs could be salvaged.

Category: General