GABORONE, April 11 (Reuters) – Botswana’s High Court has taken Tati Nickel Mine out of provisional liquidation, dismissing a request for more time to negotiate with potential buyers, the liquidator said on Wednesday.
Tati — a subsidiary of the liquidated BCL mine group — has since October 2016 been under provisional liquidation, which was twice extended after liquidator Nigel Dixon-Warren asked for more time to pursue a deal with investors.
The High Court took the company out of liquidation on Tuesday following the lapse of the last extension.
“The decision effectively places the company back into the control of the directors and this is highly prejudicial to the creditors,” Dixon-Warren told Reuters on Wednesday.
“The company was insolvent when it was placed under liquidation and it remains so now. Tati has no means to operate as going concern.”