TIISETSO MOTSOENENG: Welcome news at last for embattled PPC
Cement maker’s deal with creditors of its Congolese business looks like a win-win
PPC certainly took its time to remove a major overhang on its share price, but news last week that it has clinched a debt restructuring deal with lenders to its problematic Democratic Republic of Congo (DRC) business is most welcome.
In a nutshell, PPC will hand lenders sovereignty, plus just over $16m (about R233m), over the DRC business, known as PPC Barnet. In exchange, creditors have agreed not to go after its SA assets if the business fails to keep up with its debt repayments. ..