Edcon receives support from its bondholders and bank lenders to obtain R1.5 billion in bridge financing
08 July 2016
Johannesburg, South Africa, July 8, 2016: As part of an ongoing effort to improve its financial performance, implement its strategic plan and maximise the liquidity position, Edcon and its major creditor constituencies have continued the process to achieve a comprehensive restructuring of the entire capital structure. This is expected to include a significant reduction of Edcon’s current outstanding indebtedness.
Bridge financing of R1.5 billion secured
Provides assurance for adequate near-term cash flow requirements
Serves as a bridge to the wider restructuring currently under discussion