On 1st March 2019, Edcon announced that it had concluded it's recapitalisation deal.
The board announced that it was pleased to announce that binding agreements have been concluded amongst, Edcon Limited's existing secured lenders, the Public Investment Corporation (the "PIC") on behalf of its client the Unemployment Insurance Fund (the "UIF") and participating landlords which will result in the implementation of a recapitalisation programme. This programme includes the contribution of new cash commitments and rent reductions totalling approximately R2.7 billion into the Group.
The recapitalisation will result in the removal of all of Edcon's interest-bearing debt and introduces a new group structure and set of shareholders. Subject to certain conditions, existing holders of the Notes may be entitled to nominally participate in the new shareholding structure.
Edcon CEO, Grant Pattison commented: "I am extremely pleased and encouraged by the very broad support received, which has been a show of unity and partnership among our diverse stakeholder group. Edcon's existing lenders; ministries of Economic Development, Labour and Finance; labour unions Sactwu, Cosatu, Saccawu; the PIC and the UIF; as well as participating landlords, have all worked together to ensure a viable future for Edcon."
Join CEO, Grant Pattison as he shares some of the insight's and lessons learnt working on this ground breaking deal which effectively saved thousands of jobs.
Grant graduated from the University of Cape Town with a B.Sc. Hons in Electrical Engineering in 1992. After four years with the Anglo American Group and two years in strategy consulting with The Monitor Group, Grant joined Massmart as executive assistant to the Executive Chairman in 1998. He held various positions within the Group, including managing director of Massdiscounters, managing director of Shield and Jumbo, chairman Masscash and group commercial executive. In 2005, he was appointed the deputy chief executive officer, and chief executive officer in July 2007. He left Massmart in May 2014: he was the key member of the team that executed the Massmart transaction that resulted in Walmart Stores Inc. becoming the major shareholder, and integrating the operations and systems of the two retailers in South Africa and the rest of the continent. Grant serves on the boards of various companies.
He joined Edcon as chief operating officer designate on 5 June 2017, joining Edcon’s Executive Management Group.
Grant was appointed as CEO in January 2018.
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