PIC supports Edcon business rescue plan as adopted by creditors

JOHANNESBURG – The Public Investment Corporation said on Tuesday that it supported Edcon’s business rescue plan , which was adopted by more than 75 percent of Edcon's creditors on Monday.

The PIC said that it was aware of court challenges to the BRP and hoped for a lasting solution, that was beneficial to all the stakeholders and ensures that as many jobs as possible are preserved. They said that interested parties were currently completing their due diligence, with “binding offers” set to be received by the end of the month.

“The representatives indicated that liquidation is not a consideration and the rejection of the plan in this current economic and unemployment context would have a detrimental impact on all stakeholders,” said the BRPs.

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