TAPPED IN – The ores and alloys blog: What we learned from Evraz Highveld’s High Court application

Evraz Highveld has settled the legal dispute with Sasfin Bank over the release of its debtors’ book, and is still planning to take action on the penalties the bank allegedly imposed, the company has said.

But what did we learn from the initial application from Evraz Highveld’s business rescue practitioners (BRPs) to the South African High Court in relation to the debtors’ book? The application of course contains various details of the invoice discounting agreement between Evraz Highveld and Sasfin, and the ensuing dispute. But more importantly, it also refers to the planned interim financing to be provided by the South African Industrial Development Corp (IDC), to the company’s cash flow situation, and to the importance of the process for the surrounding community, and for South Africa. • Almost no cash came in to the business between April 24 and May 5, according to the application....

Published

Claire Hack

May 28, 2015

12:50 GMT

London