The Business Rescue Practitioners (BRPs) of Murray & Roberts Limited (MRL) have secured an additional R80 million in post-commencement finance (PCF) for the group’s rescue plan.<\/p>\n\n\n\n
This additional facility builds on prior PCF support secured since MRL entered voluntary business rescue on 22 November 2024.<\/p>\n\n\n\n
The group \u2014 which is a separate entity to Murray & Roberts Holdings \u2014 is in the process of trying to stabilise business rescue proceedings.<\/p>\n\n\n\n
Murray & Roberts Holdings is the ultimate holding company, while MRL is a downstream subsidiary, with several intermediate entities in between.<\/p>\n\n\n\n
The MRL BRPs said the funding will give them time to develop, secure adoption of, and advance the implementation of a business rescue plan. <\/p>\n\n\n\n
As part of the rescue plan, MRL\u2019s mining-related subsidiary businesses, including the Cementation operations in both Africa and the America, will be sold to a group of investors led by Differential Capital.<\/p>\n\n\n\n
Once completed, the transaction is expected to safeguard approximately 2,800 jobs across these businesses, with a particular emphasis on preserving South African jobs in Cementation Africa.<\/p>\n\n\n\n
However, as MRL was the main commercial subsidiary of Murray & Roberts Holdings, the plan has left the latter with no revenue-generating unit, and thus commercially insolvent.<\/p>\n\n\n\n
As a result, a creditor has applied for Murray & Roberts Holdings to be liquidated, which the group said it would not oppose.<\/p>\n\n\n\n
MRL has stressed that these proceedings will have no impact on its business rescue plans.<\/p>\n\n\n\n
The additional R80 millio, provided by the Differential consortium, has helped the group managed unavoidable retrenchments within MRL itself and to honour statutory severance obligations to affected employees in full.<\/p>\n\n\n\n
The BRPs reiterated their confidence that the adopted business rescue plan represents the most sustainable and viable path forward.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Business Rescue Practitioners (BRPs) of Murray & Roberts Limited (MRL) have secured an additional R80 million in post-commencement finance (PCF) for the group’s rescue plan.<\/p>\n","protected":false},"author":10,"featured_media":835144,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[20044,23528,22258],"class_list":["post-836710","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business-rescue","tag-mrl","tag-murray-roberts"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836710","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=836710"}],"version-history":[{"count":1,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836710\/revisions"}],"predecessor-version":[{"id":836715,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/836710\/revisions\/836715"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/835144"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=836710"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=836710"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=836710"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}