Construction company Group Five says it still has the support of its financial partners and lenders, following the $43.8m pay out from its retention and performance bonds as a result of the late completion of Ghana's Kpone power station. The continued support of its creditors came as some relief for the troubled company. Group Five incurred a net loss of R1.3bn for the year to end-June and its current liabilities exceeded its current assets by R1bn. The bulk of its losses were caused by problems it experienced at the $410m Kpone power station. In May it got R650m in bridging loans and secured a “standstill agreement,” which imposed limitations on the “enforcement action” its creditors could take against it, for a 12-month period. The construction company is in a difficult position, as despite getting support from its creditors, the group still faces an uphill fight. Its auditors, PwC, said in its latest annual report that there was “significant doubt on the group’s ability to contin...

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