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US Bankruptcy court approves sale of PSL’s arm assets to Jindal Tubular USA

10 Sep 2014 Evaluate

PSL’s two overseas subsidiaries - PSL USA Inc, a wholly owned subsidiary and PSL North America LLC, a subsidiary and joint venture of the company, has received an order from the United States Bankruptcy court, which has authorized and approved the sale of substantially all of PSL North America LLC’s assets to Jindal Tubular USA LLC in accordance with the terms of the Asset Purchase Agreement, free and clear of all liens, claims, encumbrances and other interest.

The bankruptcy Court of district of Delaware USA has also approved the assumption and assignment of contracts; and entering into ancillary agreement along with granting related relief. The sale of the aforesaid subsidiaries of PSL through bankruptcy proceeding is now complete.

The company’s subsidiaries had earlier on June 30, 2014, filed Chapter 11 proceedings in the relevant Courts in USA. This step had been taken in view of continuous losses in the following said two overseas subsidiaries. Chapter 11 is a chapter of Title 11 of the United States Bankruptcy Code, which permits reorganization of a debtor’s business affairs and assets under the bankruptcy laws of the United States.

PSL is India’s largest producer / manufacturer of HSAW pipes, the line-pipe industry's preferred pipe, with production capacity in excess of the 1 MT mark.

PSL Share Price

0.34 0.00 (0.00%)
12-Oct-2020 18:01 View Price Chart
Peers
Company Name CMP
Tata Steel 208.80
JSW Steel 1218.25
SAIL 166.90
Jindal Stainless 780.65
APL Apollo Tubes 2040.65
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