Vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium on Wednesday announced that a dispute with financial services provider Sasfin Bank had been resolved.
On Monday, Evraz Highveld said it had launched an urgent High Court application against Sasfin to have the steel producer’s debtors’ book released to its business rescue practitioners (BRPs).
It announced on Wednesday that the parties had settled the application on acceptable terms, which would allow the BRPs to procure necessary additional external funding from the Industrial Development Corporation.
The dispute related to an invoice discounting agreement, terminated by Sasfin when Evraz Highveld’s business rescue proceedings started on April 13.
Evraz Highveld disputed that Sasfin was entitled to retain the debtors’ book after having collected all the capital and interest outstanding on the facility.