Group Five for inspecting assets under the business



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The group, which is one of the largest names in the construction industry in South Africa, said that the alienation would help in fulfilling its debt obligations, covering working capital and reducing its liabilities.

FILE: Image: Pixabay.com.

JOHANNESBURG – A South African group of five builders said on Friday that it would dispose of some assets and postpone interim results after filing a bankruptcy application.

The group, which is one of the largest names in the construction industry in South Africa, said that the alienation would help in fulfilling its debt obligations, covering working capital and reducing its liabilities.

In a stock exchange statement, he said that its review of the business postponed the publication of the interim results that were envisaged at the end of March.

"Business rescuers believe that the disposals to be done will be in the best interest of the company and shareholders, since the company, if it is not completed, will not be able to meet its financial obligations," the company said.

The Five Group, which employs more than 8,000 people, said it will sell assets to many "potential outdoor customers", with the exception of related parties, as defined by the Johannesburg Stock Exchange.

The company filed a business resolution claim, similar to the bankruptcy procedure for bankruptcy protection in the United States on March 11, after its lenders pulled the connection after months of financial troubles, which jeopardized the collapse of the company that dates back to the 1970s.

On Friday, he said that his obligations currently prevail over assets and resolves imbalances with measures, including a moratorium on creditors and counterpart talks.

She added that she would provide investors with monthly updates on key sales of assets and other aspects of the rescue process.

Trading in company shares was interrupted in March.

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