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TOKYO, Sept 22, 2017 - (JCN Newswire) - Mitsubishi Corporation (MC) hereby announces that a consolidated subsidiary, Hernic Ferrochrome (Pty) Ltd (Hernic), has been placed in business rescue in terms of the provisions of the Companies Act (Act No. 71 of 2008) of South Africa & Regulations thereto following a resolution adopted by Hernic's Board of Directors at their meeting on September 21, 2017.
Since March 2000, when MC first became a shareholder of Hernic, Hernic has taken various initiatives with a view to maximizing its corporate value as a ferrochrome producer. Hernic has, however, continued to suffer financial hardship as a result of, inter alia, market challenges.
The decision by Hernic's Board of Directors to file to initiate the business rescue proceedings followed a comprehensive assessment by Hernic's Board of Directors of financial alternatives. The aim of business rescue in South Africa is to restructure the affairs of a company that is financially distressed.
The business rescue practitioners whose appointment is expected to be formalized shortly will manage the business and business rescue proceedings of Hernic going forward.
MC does not expect this development to have any material impact on its consolidated earnings for the period ending March 2018.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Engineering
https://www.acnnewswire.com
From the Asia Corporate News Network
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