Basil Read says it needs more funding to survive

The company’s lenders forced it into business rescue in 2018

Basil Read, the construction group that slid into business rescue in mid-2018, said on Wednesday that its survival depends largely on it receiving more short-term funding.

Basil Read was forced into business rescue when a consortium of lenders declined to provide it with bridging funding unless it went that route too. The company has since terminated some contracts and cut costs by retrenching staff and reducing the size of its board. One deal the company has managed to complete is the disposal of a 28% stake in the Majwe Mining Joint Venture. The proceeds will be used for working capital for the mining business and to repay loans.

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BDliveSA /  🏆 12. in ZA

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