Through bankruptcy proceedings
Jindal Saw announced that Jindal Tubular USA LLC, an entity incorporated in the US and step down subsidiary of the Company (it is wholly owned by S V Trading, Navis which in turn is a wholly owned subsidiary of the Company), had entered into an asset purchase agreement on 16 June 2014 with PSL-North America LLC for the acquisition of identified assets and liabilities of PSL-North America LLC.The acquisition was subject to the outcome of voluntary petition for relief filed by PSL-North America LLC under Chapter 11 of Title 11 of the United State Code in the US Bankruptcy Court for District of Delaware including counter bids by various other bidders and possible objection by lender and creditors of PSL-North America LLC.
The acquisition is expected to be completed on or prior to 31 August 2014.
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