The group, one of the biggest names in South Africa’s construction industry, said the disposals would help it meet its debt obligations, cover working capital and cut its liabilities.
JOHANNESBURG - South African builder Group Five said on Friday it would dispose of some assets and delay its interim results after filing for bankruptcy protection last month.
“The business rescue practitioners believe that the disposals to be undertaken will be in the best interests of the company and shareholders as, if not completed, the company will be unable to meet its financial commitments,” the company said in the statement. It filed for business rescue, similar to Chapter 11 bankruptcy protection proceedings in the United States, in March after its lenders pulled the plug following months of financial problems, threatening the collapse of a company that traces its roots back to the 1970s.
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