15 Sep 2015 07:00
International Ferro Metals Limited - Update on IFMSA Business Rescue processInternational Ferro Metals Limited - Update on IFMSA Business Rescue process
PR Newswire
London, September 15
15 September 2015
International Ferro Metals Limited
(“IFL” or the “Company”)
Update on IFMSA Business Rescue process
In relation to the Business Rescue process of IFL's subsidiary, International Ferro Metals (SA) (Pty) Limited (“IFMSA”) a meeting of creditors has been held with the Business Rescue Practitioner (“BRP”) and the following key matters were discussed at that creditors' meeting:
The BRP informed the creditors that, based on his findings to date he considered there to be a reasonable prospect of rescuing IFMSA. The rescue would most likely entail a sale of the assets/business and/or equity of IFMSA. The BRP also informed the creditors that there are currently a number of interested parties. However, details of the potential bidders and possible offers were not provided. The BRP envisaged that a bid process would take two to three months to implement, whereas pursuing the currently interested parties should accelerate the process. In order to allow sufficient time to finalise the bid process, the BRP proposed a motion to extend the date for publication of the Business Rescue Plan until 30 November 2015, which motion was passed by the requisite majority of the creditors. It was resolved to establish a committee of independent creditors. The committee's role is to consult with the BRP in relation to the implementation of the Business Rescue for IFMSA.- ENDS -
For further information please visit www.ifml.com or contact:
| International Ferro Metals Limited | Tel: +27 14 574 6302 |
Chris Jordaan, Chief Executive Officer
| Numis Securities Limited | Tel: +44 (0) 20 7260 1000 |
James Black / John Prior / Paul Gillam
Forward Looking Statements
This announcement contains certain forward looking statements which by nature, contain risk and uncertainty because they relate to future events and depend on circumstances that occur in the future. There are a number of factors that could cause actual results or developments to differ materially from those expressed or implied by these forward looking statements.