AutoZone enters voluntary business rescue

  • 📰 Moneyweb
  • ⏱ Reading Time:
  • 40 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 19%
  • Publisher: 77%

Deutschland Nachrichten Nachrichten

Deutschland Neuesten Nachrichten,Deutschland Schlagzeilen

Aim is to restructure the automotive spares business to make it solvent, or sell its assets or the business.

AutoZone, which claims to be the largest privately owned automotive parts retailer and wholesaler in southern Africa, is in financial distress and has been placed in voluntary business rescue.

This is a reference to the announcement in January 2015 by private equity firm Ethos that it had invested in AutoZone via its Ethos Fund VI to acquire a controlling interest in the company, with AutoZone’s management and black economic empowerment investors holding the balance.

“To address these challenges, the lender agreed to provide quarterly debt service holidays, offering much-needed relief. Concurrently, a sales process was initiated to recapitalise AutoZone.” “I say so as I have had three interested third parties that have expressed interest in investing in the company’s business.” ADVERTISEMENT: CONTINUE READING BELOW Business rescue will give the company “breathing space” to allow its rescue practitioners to explore all approaches and opportunities.

Wir haben diese Nachrichten zusammengefasst, damit Sie sie schnell lesen können. Wenn Sie sich für die Nachrichten interessieren, können Sie den vollständigen Text hier lesen. Weiterlesen:

 /  🏆 5. in DE
 

Vielen Dank für Ihren Kommentar.Ihr Kommentar wird nach Prüfung veröffentlicht.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

AutoZone enters business rescue after Absa runs out of patienceAutoZone enters business rescue after Absa runs out of patience
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »

25 000 jobs, R15bn in investment the aim as renewable energy master plan kicks into gear25 000 jobs, R15bn in investment the aim as renewable energy master plan kicks into gear
Herkunft: News24 - 🏆 4. / 80 Weiterlesen »