Johannesburg – Edcon, South Africas biggest clothing retailer, which was taken over by creditors last month, said on Monday that conditions of the debt-to-equity swop had been fulfilled, making way for the restructuring.
The announcement signalled that the last technical steps in the debt-for-equity swop had been completed, analysts said.
Edcon chief executive Bernie Brookes. File picture: Simphiwe Mbokazi. Credit: INDEPENDENT MEDIA
The Edcon Group will now proceed to implement the restructuring pursuant to the terms and conditions of the lock-up agreement, Edcon said.
Restructuring
The $1.5 billion (R21.4bn) debt-to-equity swop entailed that Boston-based Bain Capital, Edcon owners since 2007, exited the group to make way for creditors…
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