Group Five enters bankruptcy protection; listing suspended on JSE

entered a form of bankruptcy protection known as business rescue and had its stock suspended from trading on the JSE as the construction company sees a “slim chance” for any value realisation for shareholders.

The company appointed David Lake and Peter van den Steen of Metis Corporate Advisory as business rescue practitioners for each of Group Five and G5 Construction, it said in a statement Tuesday.The stock was suspended at 89 cents per share. G5 Construction is cutting jobs, but there will be a “significant” amount of severance pay due.

Other South African construction companies to have been forced into business rescue in the past year include Basil Read Holdings, a unit of Esor Ltd. and the Liviero Group. With the South African economy and state spending on infrastructure having slowed, construction firms are battling to fund long-term projects.

officialrodneyk

Sad news.

This is big

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.

Group Five placed in business rescue, listing of shares suspendedThe construction group is currently conducting retrenchment proceedings.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

BREAKING NEWS: Struggling Group Five files for business rescueGroup Five and peers including Basil Read and Erbacon have succumbed to a depressed construction market in which major projects have failed to materialise Group5 go speak to Edgars..
Source: BDliveSA - 🏆 12. / 63 Read more »

JUST IN: Group Five placed in business rescue | IOL Business ReportThe group and its subsidiaries have said to have been experiencing cash flow difficulties due to significant operating losses. busrep interesting move
Source: IOL - 🏆 46. / 51 Read more »

Struggling Group Five files for business rescueGroup Five says it has filed for business rescue — a process aimed at rehabilitating financially distressed companies — because lenders have not been willing to give it more funding.
Source: TimesLIVE - 🏆 28. / 59 Read more »

MARKET WRAP: JSE slips as rand pushes to R14.40/$Local bourse tracks weaker world markets, despite an 18% surge by MTN, while the euro and rand slide
Source: BDliveSA - 🏆 12. / 63 Read more »