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IFMSA rescue plan still on track, says International Ferro Metals

Published: 03:48 26 Oct 2015 EDT

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Ferrochrome is used in steel making...

Ferrochrome specialist International Ferro Metals (LON:IFL) said the previously announced business rescue plan for its South African operations is still on track to be published by November 30.

IFL put the subsidiary - IFMSA - into the equivalent of administration last month after a slide in ferrochrome prices pushed it into the red.

Last month, it was revealed the firm had a chance of being saved with some bid interest, according to the country's Business Rescue Practitioner.

At a creditors’ meeting the BRP said there are a number of interested parties but details of the potential bidders and possible offers were not provided.

"As a result of the ongoing business rescue process, the company is not in a position to publish its annual report and accounts for the year ended 30 June 2015 by the end of October 2015.

"The company expects to publish its 2015 Annual Report during December 2015 following the publication of the Business Rescue Plan. The company continues to work with the business rescue practitioner in respect of IFMSA with the aim of maximising value to all stakeholders," the group said in a statement on Monday.

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