Vedanta Resources is grateful for the decisive support it has received at today’s creditor scheme of arrangement meeting held in Lusaka and Kitwe.
In a statement today, Vedanta Resources Director Corporate Communication Masuzyo Ndhlovu said the meeting chaired by KCM Provisional Liquidator Celine Nair and co-chaired by Shuko Ndhlovu of HLB Zambia, saw an impressive 99% of Class 2 creditors vote in favour of the proposed scheme.
The Vedanta Resources Director Corporate Communication said this follows last week’s Class 1 meeting, where 99.6% of creditors voted in support.
Mr. Ndhlovu noted that with a cumulative approval rate of 99.3% from both classes of creditors, the scheme has comfortably exceeded the required 75% threshold.
He said the outcome is a resounding endorsement of Vedanta’s vision for KCM’s future and ability to drive growth and sustainability.
Mr. Ndhlovu stated that the scheme is now poised to move forward with the next stage of the process, which is the court sanctioning process, a critical step towards implementing the scheme.
He said the overwhelmingly positive outcome of these meetings serves as a powerful endorsement of the trust creditors have placed in the vision for KCM’s future.
