The publication of a business rescue plan for JSE-listed Chrometco’s subsidiary Black Chrome Mine has been further delayed to October 31, following consultations between creditors and the business rescue practitioner.
Publication of the business rescue plan (BRP) had already been delayed once, to October 14.
Chrometco said on October 19 that the preparation of the BRP was in the final stages, noting that it was predicated on two options.
The first option is the operational and financial turnaround, while the second option is the disposal or sales process of Black Chrome Mine.
The extension for the publication of the BRP would allow for sufficient time to interrogate these options, obtain the necessary proof or confirmation of funding and to negotiate with the preferred bidder to ensure a transaction is bedded down as quickly as possible with minimal conditions, Chometco said.