Stefanutti Stocks in talks with lenders to extend loan repayment as its losses narrow
25 November 2021 - 10:04
Stefanutti Stocks, which is technically insolvent as its current liabilities exceed its assets, said on Thursday it was in talks with its lenders to extend by another year the repayment of a portion of its loan following a delay in selling some of its assets as part of a restructuring plan.
The loss-making construction company was meant to repay a loan balance of R420m by February 2022, but is now lobbying its lenders to push it out by a year, after a process to sell its materials handling and tailings management subdivisions fell through...
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