Phumelela Gaming pays R110.1m to creditors while under business rescue

DURBAN – Phumelela Gaming and Leisure business rescue practitioner John Evans said yesterday that the company had paid a total of R110.1 million to its creditors in October.

An amount of R27.8m was paid to its secured creditors, while R82.4m was paid to Post Commencement Finance creditors.

Evans published a business rescue update yesterday and said distribution of 12 cents in the rand would now be paid to unsecured creditors whose claims had been submitted, reconciled, adjudicated and accepted. The first payment would be processed today.

“Equalisation distributions will be paid to those creditors whose claims are subsequently submitted, reconciled, adjudicated and accepted. These are scheduled for November 16 and 30 and monthly thereafter,” he said in the report update, while also noting that further distributions would be declared as and when funds were available.

However, the report update states that the distributions would be paid to creditors in accordance with the provisions of the business rescue plan and creditors are required to submit claims in respect of all amounts due to them. “Once received the claims will be reconciled to the company’s records and thereafter adjudicated by the business rescue practitioner,” Evans said.