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News

Optimum Coal no longer under business rescue

The business rescue practitioners of the Gupta-controlled Optimum Coal Mine say they are satisfied that the mine is no longer financially distressed and can be discharged from business rescue.

Joint business rescue practitioners (BRPs) Piers Marsden and Peter van den Steen said they had filed a notice of Termination of the Business Rescue Proceedings with the Companies and Intellectual Property Commission on Wednesday‚ terminating the business rescue proceedings.

They also confirmed that the discharge of Optimum Coal Mine from business rescue did not affect the rights of the employees and trade unions.

“The Termination notice ends all operational control of the BRPs over Optimum Coal Mine. The mine will now continue to trade under the management and control of the board of directors of Optimum Coal Mine‚” they added

Optimum Coal Mine was acquired by the Gupta-owned Oakbay Investments and it’s Tegeta subsidiary from Glencore earlier this year for R2.15bn.