IFM business rescue plan approved
JOHANNESBURG (miningweekly.com) – The business rescue plan recommending the sale of London-listed International Ferro Metal’s (IFM’s) embattled South African subsidiary has been approved by creditors.
The business rescue practitioner for the ferrochrome producer would now seek to negotiate and execute the R720-million sale of IFM South Africa (IFMSA) to Samancor Chrome, as the deal was currently nonbinding.
The practitioners aimed to complete the disposal of the subsidiary, which operates the Lesedi underground mine and ferrochrome smelting operations, by no later than February 15.
The transaction was expected to attract R650-million for the business and assets of IFMSA and R70-million for certain receivables of Sky Chrome.
The transaction remained subject to a number of conditions, including obtaining regulatory approvals and consents of other parties to certain material contracts.
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