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Another major company in South Africa enters business rescue

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A major player in South Africa’s blossoming solar industry has entered into business rescue due to cash flow challenges.

Solar company Hohm Energy has entered business rescue and ceased trading – several months after acquiring millions in finance.

The company connects homeowners with installers and financiers to ease rooftop solar panel installation. The investments were made by funders E3 Capital and 4DX Ventures LP, creating the largest seed round for a tech startup in South Africa . Autozone is the largest privately owned automotive parts retailer and wholesaler. It entered business rescue after its performance did not meet expectations following a private equity transaction funded by debt in 2014.

It also plans to consider a corporate finance transaction and selling non-core assets to improve its financial position.

 

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