A rescue operation is reportedly under way at the Gupta’s Gloria Coal mine after a gas explosion trapped 22 people underground. It’s believed that a group of 42 people were attempting to steal cables from the underground operations at the Middleburg mine when the explosion occurred. Twenty of them were able to reach safety, the rest remained trapped. The Gloria mine forms part of the Optimum Coal assets bought by the Gupta family in 2016. They were put into business rescue in February 2018. Business rescue is a provision of the Companies Act that allows for the rehabilitation of distressed companies. The rescue process has, however, been hobbled by numerous delays, including 44 unsuccessful court bids. More recently, the drafting of a revised business rescue plan was pushed back as last-minute bids for the assets came in, and Eskom, the largest creditor, has sought more time to meet the potential new owners and negotiate a coal supply agreement for its Hendrina power station. Bouwer...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now