Evraz Highveld Sets Target Date of August 21 for Binding Buy-out Offers

Engineering News reported that Evraz Highveld Steel & Vanadium (OTCMKTS:HGVLY) has received a number of non-binding expressions of interest from potential investors and has set a target date of August 21 for binding buyout offers.
As quoted in the market news:

Business rescue practitioner Piers Marsden told Engineering News Online in an interview that the need for a strategic investor had been identified early on in the business-rescue process, which officially began on April 13.
He said that the current focus was on ensuring that the company had sufficient cash flow to sustain itself to the point where a transaction could be concluded, while simultaneously putting in place a credible operational turnaround plan to improve the long-term investment case.
However, it had also secured a R150-million facility from the State-owned Industrial Development Corporation to further safeguard its immediate liquidity, with potential for a further R100-million should conditions change. Marsden said it was “not even close” to having drawn down the R150-million in funding already approved.
CEO Johan Burger said the recent decision to curtail mining and steelmaking operations, as well as initiate a process that could result in 1 089 of its 2 240 employees being retrenched, had been prompted by a deterioration in market conditions, compounded by a strong rise in “subsidised” Chinese steel imports.

Click here to read the full Engineering News report.