Delta Property, which is facing an existential crisis and suffered  reputational damage after a forensic report uncovered alleged fraud under previous management, said on Tuesday that its ability to continue as a going concern was at the mercy of its lending institutions.

Delta, whose current liabilities exceeded its assets by R4.1bn in the six months to end-August, is looking to the banks to push out debt repayment dates. Its loan to value ratio, which measures the company’s debt relative to its assets, stood at 54%, which is much higher than a market average of 42%...

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