Shoppers walk past an Edgars store at a shopping centre in Soweto, Johannesburg. Picture: REUTERS / SIPHIWE SIBEKO
The proposed plan seeks to support job and creditor sustainability and a higher recovery dividend for the Unemployment Insurance Fund , compared to a liquidation process, the PIC said in a statement. Edcon’s creditors approved the company’s business rescue plan after a meeting on Monday, with the practitioners having successfully warded off some creditors who tried to stop the process through the courts.The approval of the business rescue plan, which proposes an accelerated sale process, allows practitioners Piers Marsden and Lance Schapiro to sell the parts of the business that are of interest to bidders. Binding offers must be submitted by June 30.
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Thousands of jobs on the line as Edcon staff wait for details of purchase dealOn Monday, about 1,000 affected people, including employees, landlords, suppliers and other creditors, took part in a virtual hearing at which a business rescue plan was presented and approved.
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Thousands of jobs on the line as Edcon staff wait for details of purchase dealAbout 43,000 Edcon employees - including 22,000 who have already been served with notices of possible retrenchment - remain jittery.
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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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Durban clothing group seeks to halt Edcon planA Durban clothing manufacturer is one of two creditors that have filed an urgent application in the North Gauteng High Court in a bid to halt the adoption of Edcon’s business rescue plan that could see the group sold by July.
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