Goldman, Apollo Among Creditors to Ailing Retailer Edgars
Goldman, Apollo Among Creditors to Ailing Retailer Edgars
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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