A business rescue plan released this week takes 66-year-old construction company Basil Read to the last chance saloon to secure its survival. The group, which has struggled to stay profitable and has had trouble paying creditors on time for a number of years, finally has a framework from which it can operate, says CEO Khathutshelo Mapasa. Basil Read entered a business rescue process in June, so that rescue practitioner Adamantem and Matuson & Associates could develop a plan which would keep the construction company afloat while ensuring that its creditors would be better rewarded than if Basil Read were liquidated. The plan, which was released on Monday, includes selling off property assets, as well as a 13% shareholding in Lehating Mining, a manganese project in the Northern Cape. The firm wants to hold on to Basil Read Mining, which has been more successful than the construction arm, and will be able "to make further distributions to Basil Read and from which business rescue divid...

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