Evraz Highveld Creditors Vote in Favor of Business Rescue Plan, Including Buy-out Offer From Hong Kong Company

Mining Weekly reported that Evraz Highveld Steel and Vanadium (OTCMKTS:HGVLY) creditors voted in favor of a business rescue plan on Tuesday. The plan includes a buy-out offer from Hong Kong’s International Resources Ltd.
As quoted in the market news:

The vote, attended by some 300 people, took place at a hall on the steel producer’s Emalahleni site in Mpumalanga. The plan, which was proposed in mid-September by Highveld’s business rescue practitioners (BRPs), Piers Marsden and Daniel Terblanche, had also received the backing of both government and labour.
“This is a great result for all Highveld stakeholders including creditors, shareholders, employees, suppliers and the community as a whole,” Marsden said following the vote. “The vast majority of creditors voting in favour of the business rescue plan has ensured that Highveld has successfully avoided liquidation,” he added.
The plan had also been amended to include preferential treatment for existing Highveld suppliers should the IRL offer be finalised as anticipated during the first half of 2016.

Click here to read the full Mining Weekly report.