An urgent court bid by two clothing companies to interdict Edcon’s meeting on its business rescue plan from going ahead on Monday afternoon, has failed.
The creditors — Kingsgate clothing company and Clematis, a clothing manufacturing company — approached the court on Monday morning seeking an urgent interdict to stop Monday’s afternoon meeting.A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.
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Edcon business rescue practitioner is running the firm from CanadaEdcon staff and creditors, who are owed a collective R6.7bn, are supposed to vote on the business rescue plan later on Monday
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BREAKING NEWS: Edcon business rescue approvedBusiness rescue practitioner Lance Schapiro says approval of the plan was backed by most creditors
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Edcon business rescue practitioners oppose creditors' court bid to halt vital talksThe law - and the need to urgently “rescue” Edcon to ward off a complete collapse of the retailing giant and huge job losses - stands against a legal bid by some creditors to stop meetings to be held on Monday to approve or reject the business rescue plan for the company
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