Basil Read says it needs more funding to survive
The company’s lenders forced it into business rescue in 2018
Basil Read, the construction group that slid into business rescue in mid-2018, said on Wednesday that its survival depends largely on it receiving more short-term funding. The company’s business rescue practitioners saw “reasonable” prospects of success, “provided that the requested bridge finance is obtained without delay”. Business rescue proceedings are aimed at rehabilitating financially distressed companies. In 2018, Basil Read succumbed to a construction market that has been starved of major infrastructure projects. The downturn has taken its toll on listed companies in the sector, some of which have already gone out of business.
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