Johannesburg - The board of troubled retail company Edcon has approved the structure of a proposed recapitalisation plan and in response lenders have extended waivers to allow time for implementation, CEO Grant Pattison said on Friday.
"The restructuring and recapitalisation of Edcon has passed its next hurdle," Pattsion said in a brief statement.
He said the waiver extensions would "allow sufficient time for the number of necessary due diligence and governance processes to be completed".
"At this stage, we can’t release any additional detail as we remain subject to confidentiality agreements. The board fully appreciates the support that is being received from all group stakeholders and the commitment that has been shown," Pattison said
He added that the company would make further announcements in due course.
Edcon Holdings, which was once South Africa's most profitable retailer, owns Edgars, Jet and CNA.
The group even launched Edgars Home in October in response to what customers had been saying about its product offering.
African News Agency/ANA