McAleese agreement expected Friday – again


Firm says SC Lowy negotiations are continuing positively albeit slower than expected

McAleese agreement expected Friday – again
McAleese Group's voluntary share suspension continues for the 11th week.

 

Transport and logistics company McAleese has pushed the execution of a binding heads of agreement with its financiers and a consortium led by SC Lowy another week, with a decision in the matter expected on Friday.

"Negotiations between the company, its financiers and a consortium led by SC Lowy are continuing positively, however progress on documentation has been slower than anticipated," a company statement reads.

The firm notes that there is "no certainty that the negotiations will yield an outcome".

The company will continue in its voluntary share suspension phase until next Monday.

Last week, McAleese indicated that any agreement will mean a dilution of the value of existing shareholdings including that of chairman and senior investor Mark Rowsthorn.

That news came after one of its main customers, Atlas Iron, gained a similar deal with its creditors.

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