Evraz Highveld Begins Business Rescue Proceedings

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

Click here to read the full Reuters report.