Evraz Highveld Steel
The Evraz Highveld Steel and Vanadium business rescue practitioners have issued a new proposal which they consider "a better outcome" than liquidating the company.

While the second round of business rescue proceedings for Evraz Highveld Steel and Vanadium  were not concluded within three months of the time frame allocated, the joint business rescue practitioners (BRPs) are proceeding in terms of a wind-down contemplated in Proposal 3 of the plan.

A further general meeting of affected persons was convened on 11 July 2016 to provide affected persons with an update on the business rescue proceedings and to discuss the way forward.

Moreover, proof of claims submissions have now been closed and creditors are currently being informed on whether their claims has been accepted or the quantum of such claim.

Litigation

On 4 August 2016, the joint BRPs issued an application in terms whereof they seek to cancel certain obligations imposed on Highveld in terms of a supply agreement concluded between the company and Air Liquide.

The company reports that Air Liquide has opposed the application and is set to file its answering affidavit i due course. The BRPs will now advise affected persons further on this in due course.