Supreme Court to consider Chemeq refinancing bid tomorrow

The Supreme Court will consider an application by Rockingham-based Chemeq Ltd to permit the implementation of a $75 million refinancing proposal from little-known International Finance Corporation of Australasia Pty Ltd tomorrow.

The full text of a company announcement is pasted below

Chemeq Limited advises that pursuant to the requirements of Clause 2.1 of the conditional Subscription Agreement with International Finance Corporation of Australasia Pty Ltd, Chemeq yesterday filed an application with the Supreme Court of Western Australia seeking variations to the previous Orders of the Court dealing with Chemeq's continued operation pending the determination of its appeal by the Court of Appeal. That application was listed for hearing today.

However, to enable the parties to continue conferral on the proposed variations to those Orders, the Court will be asked to adjourn that hearing until tomorrow 13 April 2007.

IFCA have advised that they agree to an extension of the time frame for obtaining those variations until on or before Monday 16 April 2007.