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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 Online Managing Editor

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