Edition:
United Kingdom

Group Five Updates On Business Rescue Proceedings


Thursday, 20 Jun 2019 

June 20 (Reuters) - Group Five Ltd ::MONTHLY UPDATE ON THE BUSINESS RESCUE PROCEEDINGS, DISPOSALS, POST COMMENCEMENT FINANCE AND BUSINESS RESCUE PLAN.BRPS ARE SEEKING CONSENT OF A MAJORITY OF CREDITORS TO EXTEND PUBLICATION DATE OF BUSINESS RESCUE PLAN TO 30 AUGUST 2019.BRPS SECURED FURTHER POST COMMENCEMENT FINANCE FUNDING FROM LENDER CONSORTIUM AND BUSINESS RESCUE PROCESS REMAINS ON TRACK.PROCEEDS RECEIVED FROM ASSETS SUBJECT TO SECURITY AGREEMENTS WILL BE UTILISED TO REDUCE RELEVANT SECURED DEBT.BINDING AGREEMENTS HAVE BEEN ENTERED INTO OR ARE IN PROCESS OF BEING DRAFTED FOR DISPOSAL OF AFRICAN SMEIP BUSINESS, SHARES IN UNIT COS.BINDING AGREEMENTS HAVE BEEN ENTERED INTO OR ARE IN PROCESS OF BEING DRAFTED FOR DISPOSAL OF NORTHPOINT PROPERTY DEVELOPMENT.