Mitsubishi Corporation Subsidiary (Hernic Ferrochrome Proprietary Limited) Commences Business Rescue Proceedings
2017年9月22日 - 10:50AM
JCN Newswire (英)
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.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE:8058) is a global integrated
business enterprise that develops and operates businesses across
virtually every industry including industrial finance, energy,
metals, machinery, chemicals, foods, and environmental business.
MC's current activities are expanding far beyond its traditional
trading operations as its diverse business ranges from natural
resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial
goods. With over 200 bases of operations in approximately 80
countries worldwide and a network of over 500 group companies, MC
employs a multinational workforce of nearly 60,000 people. For more
information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
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