News Formal

Gupta-linked Optimum Coal Terminal's rescue plan gets another tailwind after Supreme Court ruling | Business

  • 📰 News24
  • ⏱ Reading Time:
  • 23 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 13%
  • Publisher: 80%

South Africa News News

South Africa South Africa Latest News,South Africa South Africa Headlines

The Supreme Court of Appeal has dismissed Tegeta Exploration and Energy's appeal case, charting the way for Optimum Coal Terminal's rescue plan to move forward. | News24_Business

The Tegeta board wanted the SCA to authorise it to vote on the business rescue plan for Optimum Coal Terminal.

The SCA made the ruling on Friday following a protracted dispute between business rescue practitioners and Gupta associates, on who has the right to vote on the business rescue plan. Other OCT creditors have already voted overwhelmingly in favour of adopting the proposed business rescue plan.But the Tegeta board is still fighting the business rescue plan and has tried numerous times to prevent the BRPs from convening the creditors' meetings.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 4. in ZA
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

German shareholder group gears up to fight 'unfair' Steinhoff debt plan in court | BusinessA major German investors' group says it has amassed funds to fight against Steinhoff's recently announced restructuring plan, saying it leaves shareholders with nothing. | JanTamb News24_Business JanTamb _Business Steinhoff at it again
Source: News24 - 🏆 4. / 80 Read more »