CNA receives purchase offer to save it from liquidation
Black Mountain Investment Management Proprietary Limited has expressed its firm interest
Black Mountain Investment Management, a Durban-based hedge fund cofounded by a former RMB staffer, has made an offer to buy CNA for R2m — a rescue deal that hands it a company that most likely needs substantial operational funding to keep going.
In terms of the proposal to save the embattled 125-year-old stationer, none of the creditors including suppliers, landlords, lenders and the SA Revenue Service, which are owed a collective R264m, would be repaid anything. ..