Evraz Highveld Steel & Vanadium: Court asked for debt intervention

Evraz’s South African steelmaking unit said one of its lenders was stalling a process to rescue the company from insolvency as the bank refused to cede control of a debtors’ book. Evraz Highveld Steel & Vanadium’s business rescue practitioners asked a court to order that Sasfin’s banking operation releases debtors ceded to it as this would allow the steel producer to source funding from the state-owned Industrial Development Corporation of South Africa, the company said yesterday. Sasfin had imposed R36 million in penalties after an agreement lapsed when Evraz Highveld requested business protection last month. This is in addition to the R35m it has collected from Highveld, funds the bank is retaining. Sasfin declined to comment as the matter was before court, spokeswoman Cathryn Pearman said. – Bloomberg