Photo by: Bloomberg
Vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium’s business rescue practitioners (BRPs) have appointed nonexecutive director Andrew Phillip Maralack acting CFO of the company, with immediate effect.
Maralack was a qualified chartered accountant with extensive experience in finance, auditing, business turnarounds, corporate recovery, consulting, the retirement fund industry and corporate governance.
Further, a business rescue plan for the company would now be published on August 31.
The BRPs had previously planned to publish the plan on May 22.
Evraz Highveld in April initiated voluntary business rescue proceedings, citing an inability to meet its short-term obligations as a result of historical operating difficulties and sustained financial losses within a capital-constrained operating environment.
Mazars business rescue services director Daniel Terblanche and Matuson & Associates director Piers Marsden were appointed as BRPs.