Goldman Sachs Group Inc. and hedge fund Apollo Global Asset Management Inc. are among secured creditors with claims of 3.73 billion rand ($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:
| Creditor | Claim Amount |
|---|---|
| Unemployment Insurance Fund (via PIC) | 889 million rand |
| Apollo | 834 million rand |
| AlbaCore | 496 million rand |
| Standard Bank | 380 million rand |
| Absa | 311 million rand |
| Goldman Sachs Lending Partners | 174 million rand |
| Investec | 157 million rand |
| FirstRand's Rand Merchant Bank | 129 million rand |
| Standard Chartered | 100 million rand |
| Deutsche Bank's London branch | 84 million rand |
| Growthpoint Properties | 35 million rand |
| AustralianSuper | 34 million rand |
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