On 11 September 2014
PSL announced that The United States Bankruptcy court has passed an order with reference to its two subsidiaries namely PSL USA INC and PSL North America LLC that had filed Chapter 11 proceeding before the bankruptcy Court of district of Delaware USA:1. Authorizing and approving 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.
2. Approving the assumption and assignment of contracts; and
3. Approving entering into ancillary agreement and
4. Granting related relief
The sale of the aforesaid subsidiaries of PSL through bankruptcy proceeding is now complete.
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