Engineering News reported that Evraz Highveld Steel and Vanadium (OTCMKTS:HGVLY) filed a notice of intention to oppose court proceedings to halt its business rescue plan.

Engineering News reported that Evraz Highveld Steel and Vanadium (OTCMKTS:HGVLY) filed a notice of intention to oppose court proceedings to halt its business rescue plan.
As quoted in the market news:

Two companies linked to Highveld’s parent company LSE-listed Evraz – East Metals and Mastercroft – were attempting to stop the implementation of the Highveld business rescue plan after recently instituting legal action to have the plan declared invalid and the October 13 creditors’ vote set aside.
The rescue plan, which included a buy-out offer from Hong Kong-based International Resources Limited, was also rejected by Evraz, which on Thursday said the plan was flawed and would not be sustainable.
The parent company said in a statement that it did not intend to frustrate the rescue process, but aimed to ensure the adoption of the most viable, sustainable and fair business rescue plan that would lead to the resumption of operations at Highveld, believing the current plan was unsustainable, lacked transparency and violated the interests of employees and creditors.

Click here to read the full Engineering News report.

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