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By Vernon Wessels
(Bloomberg) – Goldman Sachs Group and hedge fund Apollo Global Asset Management are among secured creditors with claims of R3.73bn ($218m) against Edcon Holdings, the failed South African retailer.
Administrators of the Johannesburg-based company are seeking buyers for Edcon chains Edgars and Jet as well as its loyalty program, Thank U.
The 91-year-old retailer collapsed after a nationwide lockdown to curb the spread of coronavirus halted almost all business. That caused the already struggling company to burn through cash, resulting in it being placed in a local form of bankruptcy protection at the end of April.
The company’s failure comes more than a year after lenders and landlords agreed to a restructuring of Edcon’s debt in the wake of a leveraged buyout by Bain Capital Private Equity in 2007 that turned sour.
AlbaCore Capital, a firm focusing on credit and private debt, is also among creditors on a list published by Edcon’s business-rescue practitioners on June 8. Here is a list of the biggest creditors:
|Unemployment Insurance Fund (via PIC)||R889m|
|Goldman Sachs Lending Partners||R174m|
|FirstRand’s Rand Merchant Bank||R129m|
|Deutsche Bank’s London branch||R84m|
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