Edcon’s business rescue plan to salvage assets approved
JOHANNESBURG – The
business rescue plan aimed at salvaging Edcon’s assets has been approved, business rescue practitioners (BRPs) Piers Marsden and Lance Schapiro, said in a statement yesterday.
business rescue plan aimed at salvaging Edcon’s assets has been approved, business rescue practitioners (BRPs) Piers Marsden and Lance Schapiro, said in a statement yesterday.
The BRPs said that the plan had been approved by the majority of affected parties including, employees, creditors, lenders, and landlords during a creditors meeting held yesterday (Monday). The South African Commercial, Catering and Allied Workers Union (SACCAWU) and the employee’s committee had also supported the plan, said the BRPs.
“Both the employee and SACCAWU representatives expressed support for the business rescue plan, indicating that they choose to back the Business Rescue Plan as it will ensure the preservation of jobs, ensuring future business continuity and ultimate support for the South African economy,” the BRPs.
Source: iol.co.za