Edcon business rescue process approved
Business rescue practitioner Lance Schapiro says approval of the plan was backed by most creditors
Edcon's creditors approved the company’s business rescue plan after a meeting on Monday, with the practitioners having successfully warded off some creditors who tried to stop the process.
The plan was backed by more than 75% of creditors and has been formally approved, according to the results of the vote circulated by the practitioners and seen by Business Day. Edcon later confirmed the outcome.