01 September 2019 - 19:31A successful rescue of the ailing Group Five construction firm will save up to 3,500 jobs and improve the shortfall to creditors by R5bn.
Group Five, like a number of other major construction firms in SA, has struggled to stay afloat in a depressed local economy. In March it filed for business rescue after it failed to obtain additional funding from a consortium of lenders. Voting on the business rescue plans for both entities will take place in consecutive meetings on September 11.
On successful implementation of the business rescue plan, creditors that hold security for a claim against the company are expected to receive distributions of between 66c and 78c in the rand — relative to 18c forecast in liquidation. Creditors with unsecured claims are expected to receive distributions of between 9c and 20c in the rand, relative to 3.4c forecast in liquidation.
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