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Reuters reported that Evraz Highveld Steel and Vanadium Ltd. (JSE:EHS,OTCMKTS:HGVLY) has started business rescue proceedings. The company does not have enough money to meet its short-term obligations.
Reuters reported that Evraz Highveld Steel and Vanadium Ltd. (JSE:EHS,OTCMKTS:HGVLY) has started business rescue proceedings. The company does not have enough money to meet its short-term obligations.
As quoted in the market news:
- Commencement of business rescue proceedings by co is expected to have a material impact on price of co’s shares
- Believes that implementation of voluntary business rescue will afford business practitioner opportunity to consider continued implementation of turnaround plan and successfully re-establish co
- To appoint Messers Daniel Terblanche and Piers Marsden as joint business rescue practitioners
- Shareholders are hereby advised that agreement between Macrovest and Evraz has lapsed
- Due to uncertainties associated with business rescue proceedings company will not be able to release its results as required today
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