Creditors vote for gradual wind-down of unit of Abil

JOHANNESBURG (Reuters) – Creditors of the Ellerine furniture business of failed South African lender Abil overwhelmingly voted on Monday for a gradual wind-down of the company, avoiding an immediate liquidation.

Around 99 percent of the votes cast by creditors at a meeting were in favour of “business rescue”, a plan that will see the company wound down over the next few months, Ellerine’s administrator, Leslie Matuson, said.