Two of Edcon’s creditors are heading to court urgently on Monday morning, to prevent the business rescue plan which would see them getting only 4 cents for every Rand they are owed
“If the rescue plan were to be adopted on Monday afternoon, 22 June 2020, the concurrent creditors will have to bring an application to have it set aside on the grounds of a host of irregularities,” Yusuf Vahed – the chief executive officer at Kingsgate – said in papers filed in the North Gauteng High Court in Pretoria at the weekend.Vahed argued that throughout the business rescue process, Edcon had maintained concurrent creditors could anticipate dividends of around 50 cent on the rand.
“If that is in fact the correct position, then I can say unequivocally that Kingsgate will have a very keen interest in considering a conversion of its debt into equity,” he said. “This would not only have the advantage of giving it an expectation for a recovery in time to come of the R24 million, but it will also save the company and the tens of thousands of jobs that go with it. It will also serve to preserve a 50-year-old customer for Kingsgate”.
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