South Africa
Edcon rescue plan adopted─── 06:45 Tue, 23 Jun 2020
A business rescue plan for Edcon has been approved and adopted.
The retailer recently announced plans to retrench 22,000 workers.
It’s cited load-shedding and the lockdown as contributing to its collapse.
Seventy-five percent of its creditors have now voted in favour of the business rescue plan, which practitioners will implement.
The business has been troubled for over ten years with a R21-billion debt-to-equity swop in 2016 that reduced the group's debt level from R27-billion to R6-billion.
