On 22nd October, Prosperity's announced details of a conditional master restructuring agreement with members of the Zhong Cheng Group of companies. A key part of this proposal is to utilize part of the prepayment cash to buy an iron ore processing plant in Malaysia from Zhong Cheng.
Completion of the Master Restructuring Agreement is subject to Prosperity completing its due diligence on the Gebeng Plant and Board approval. The Company originally expected to have completed this process by 31st December 2012.
However, more time is required and, subsequently, the parties have agreed to extend the date to 28 February 2013.
Source:
http://www.steelguru.com/raw_material_news/Prosperity_update_on_restructuring_agreement/297072.html
