South African commission evaluating Apollo restructuring plan
As reported on 17 September, Apollo Tyres’ South African subsidiary, Apollo Tyres Africa Proprietary Limited – the residual operation remaining after the sale of the main business to Sumitomo Rubber Industries in 2013 – voluntarily initiated Business Rescue Proceedings on 15 September 2014 as per the provisions of the South Africa Companies Act. In its second quarter notes, The company has now submitted a Business Rescue Plan to the South African Companies and Intellectual Property Commission (CIPC).