Hernic facing a end of March shutdown

Hernic is facing a closure by the end of the month unless Mitsubishi can find a buyer. However, the four companies reportedly interested in the charge chrome smelter are shying away after looking at the ZAR1.2-billion debt.

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Whaytt Earp
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Whaytt Earp

What are the assumptions that underline your statement? The BR process and plan is intended to find a balance between the creditor rights and the continuation of the business. If certain assets are sold as part of the plan, the creditors’ rights will be tempered by the “plan” or terms associated to such sale. The bidders would have been made aware of the associated rights or lack thereof that the creditors have vis-a-vis the assets to be sold and would have adjusted their bids accordingly.