Clothing retailer Edcon has been given some breathing room by its lenders as it struggles for survival. On Friday the group, which confirmed earlier this week that it was in talks with its funders and other stakeholders, said its lenders have extended waivers to allow time for the implementation of its restructuring and recapitalisation. Edcon CEO Grant Pattison said the group’s board has approved the proposed recapitalisation plan, but he did not give more details on what it entails, citing confidentiality. Pattison said the support extended by their lenders will give Edcon enough time to complete the due diligence and governance processes necessary to implement the plan. “The board fully appreciates the support that is being received from all group stakeholders and the commitment that has been shown,” he said, adding that the group will make more announcements in due course. Last week Edcon said it was also looking for shareholders, new and old, to inject capital into its business...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.