Edcon Holdings Ltd said lenders extended waivers to give the debt-laden South African retailer time to implement a recapitalisation plan that was approved by its board.
The restructuring and recapitalisation of Edcon has passed its next hurdle, chief executive officer Grant Pattison said in an emailed statement on Friday.
This will allow sufficient time for the number of necessary due diligence and governance processes to be completed, adding that more details will be announced in due course.
Pattison, who took the helm of the Johannesburg-based owner of clothing retailers Edgars and Jet and stationery shops CNA in February, announced plans earlier this year to close some chains and to cut floor space by 17% over five years to save cost…
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