Continental Coal South Africa and its wholly owned subsidiary companies - MashalaResources and Penumbra Coal Mining - entered into business rescue proceedings in terms of Chapter 6 of the Companies Act, 71 of 2008 in November 2014. The court appointed business rescue practitioners initiated a sale process on the Penumbra asset in February 2015, with IchorCoal being selected as preferred bidder for Penumbra following approval of the business rescue plan at a meeting of creditors on 14 April 2015.
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