Edgars creditors include Goldman, Standard Bank and Absa
Goldman Sachs Group Inc and hedge fund Apollo Global Asset Management Inc are among secured creditors with claims of R3.73 billion ($218 million) against Edcon Holdings Ltd, 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 LP in 2007 that turned sour.
AlbaCore Capital LLP, 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:
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