Creditors Dismiss Most Recent Attempt to Halt Evraz Highveld Rescue Plan Vote

Mining Weekly reported that Global Renewable Energy’s second legal attempt to prevent Evraz Highveld Steel and Vanadium’s (OTCMKTS:HGVLY) business rescue practitioners from presenting their rescue plan has been dismissed.
As quoted in the market news:

The vote was initially scheduled for September 28. But the meeting was adjourned and is now due to be held in Emalahleni, Mpumalanga, on the morning of Tuesday October 13.
Highveld informed shareholders on Monday that GRE, which had subsequently been joined by Robin Beale and Bruno Quattro Engineering, sought to urgently interdict the BRPs from introducing the rescue plan for consideration by creditors.
The plan included a recommendation that International Resources Limited. of Hong Kong, be allowed to purchase the company, with R350-million made available in the bid to settle creditor debts. Should it proceed, creditors would receive between 15c and 29c for every rand owed to them.

Click here to read the full Mining Weekly report.