Basil Read says it needs more funding to survive

Basil Read, the construction group that slid into business rescue in mid-2018, said on Wednesday that its survival depends largely on it receiving more short-term funding.

Basil Read was forced into business rescue when a consortium of lenders declined to provide it with bridging funding unless it went that route too. The company has since terminated some contracts and cut costs by retrenching staff and reducing the size of its board. One deal the company has managed to complete is the disposal of a 28% stake in the Majwe Mining Joint Venture. The proceeds will be used for working capital for the mining business and to repay loans.

Who doesn't

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

[MUST READ] 2019 Budget Speech by Tito MboweniFinance Minister Tito Mboweni delivered his maiden Budget speech in Parliament on Wednesday. That article was flooded with adverts the most annoying page to read on a website ever😑
Source: ewnupdates - 🏆 30. / 53 Read more »

R.Kelly charged with aggravated criminal sexual abuse - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.[READ] R.Kelly charged with aggravated criminal sexual abuse He will away wth it once again He is Innocent till proven guilty than in SA you guilty till proven otherwise He is Innocent
Source: SABC News Online - 🏆 32. / 51 Read more »

BUDGET IN A NUTSHELL: Doom, gloom and yet more Eskom bluesEskom’s financial and operational crisis loomed large as finance minister Tito Mboweni delivered a gloomy budget
Source: BDliveSA - 🏆 12. / 63 Read more »