The business rescue plan for Optimum Coal Holdings was approved on Friday after the majority of creditors adopted the plan at a meeting of affected parties in Johannesburg. Joint business rescue practitioners Piers Marsden and Peter van den Steen said the plan was binding on all parties and that its implementation would now begin. “All conditions for the Tegeta Exploration and Resources (Pty) Ltd transaction have been fulfilled and once the purchase price is paid, the deal will conclude,” they said in a statement. In December it was announced that Tegeta had concluded a conditional R2.15-billion transaction to buy all the assets of Optimum Holdings, which Glencore placed into business rescue in August last year.
