JOHN Evans, the Business Practitioner appointed to (hopefully) drag Phumelela Gaming & Leisure out of its documented financial mess, has requested an extension of time to publish his business rescue plan.
The plan was due this week, but Evans has asked for a few weeks extra, his suggested completetion of business date being Tuesday, 18 August, 2020.
In a letter to Phumelela’s creditors and potential creditors dated 29 July, Evans wrote: “Several attractive proposals have been received fro parties interested in acquiring some or all of the assets and/or businesses of the company.
“The business recuse practitioner and his team are evaluating these proposals and are in addition engaging with these proposers with a view to concluding agreements which will achieve the best outcome for creditors and shareholders and in so doing successfully rescue the company.
“The extension will allow some time to conclude binding agreements with parties interested in acquiring some or all the assets or businesses of the company and to publish the business plan which will record and set out the terms of these transactions for creditors and shareholders based thereon.”