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Evraz inches closer to revealing preferred bidder

Evraz inches closer to revealing preferred bidder

Photo by Bloomberg

2nd September 2015

By: Megan van Wyngaardt

Creamer Media Contributing Editor Online

  

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Vertically integrated steel producer Evraz Highveld Steel and Vanadium is one step closer to announcing a preferred bidder to buy the business, which is currently under business rescue.

The company’s creditors’ committee met on Tuesday to consider three final binding offers and expected to announce a successful bidder during the course of the week.
 
Evraz further said its business rescue plan would be published by mid-September, whereafter creditors would formally vote on the plan at the creditors’ meeting to be convened within ten days from the date of publication.

All the bids were also associated with a large number of conditions precedent, mostly related to Highveld’s environmental liabilities, resolution of which would depend on it receiving a new dispensation from South Africa’s authorities.

The steel producer was also engaging with its trade unions on a plan to cut as many as 1 089 of its 2 240 employees, after production had been halted at the Mpumalanga facility.

To watch Creamer Media's latest video reports, click here
 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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