LONDON (Alliance News) - International Ferro Metals Ltd said Tuesday it appointed voluntary administrators in order to protect the interest of its stakeholders.
The company appointed Philip Campbell-Wilson and John McInerney of Grant Thornton Australia Ltd to oversee its affairs.
Ferro Metals said that its South African subsidiary International Ferro Metals SA Ltd was placed into business rescue in August 2015.
"Following the sale of the subsidiary's assets, it was determined that the company's shareholders were not likely to receive any distribution from the conclusion of the business rescue process," the company explained.
"This, combined with the uncertainty around the time of completion of the business rescue process and the company's current financial position, has resulted in the directors considering the alternatives available and appointing the voluntary administrators to protect the interest of stakeholders."
Furthermore, the company said that Finance Director Jannie Muller resigned with immediate effect.
Trading of International Ferro Metals in London is suspended.