LONDON Commodities trader Balli Group Plc has gone into administration and appointed consulting firm Deloitte Touche Tohmatsu Ltd. to oversee proceedings, a company source confirmed April 2 to AMM sister publication Steel First.
London-based Balli Group, which trades steel, nonferrous metals, chemicals and agricultural products, on March 20 appointed Deloitte Touche as administrator to Balli Group, Balli Steel Plc and Balli Trading Ltd.
"The administrators now manage the affairs, business and property of the companies and are in the process of sending formal notification to affected parties," Deloitte Touche said, adding that it was assessing Balli Groups financial position and would present formal proposals in "due course."
The mandate doesnt extend to Balli Groups subsidiaries.
A version of this article was first published by AMM sister publication Steel First.