Murray & Roberts buys time in regaining control of Australian business

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Information about the proposal will be available to creditors before their second meeting, which has been postponed to end-August

Murray & Roberts has an operating history of more than a century. Picture: SUPPLIED

“This extension will allow for a revised Doca proposal to be finalised and for any relevant conditions to the Doca proposal to be satisfied,” M&R said in a statement. The specialist engineering and construction firm is in a desperate bid to regain control of RUC after it lost the mining unit after MRPL and Clough were placed into voluntary administration, a form of business rescue.

The loss of RUC meant that the group’s mining platform now comprises only two regional businesses in Africa and the Americas, which had combined orders worth R14bn at the end of last year.Clough exited the voluntary administration in February with Milan-based Webuild taking control. A Doca could include debt repayments and the potential sale of assets. It serves as an alternative to liquidation and must be approved by creditors.

 

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