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Engineering News reports that the joint business rescue practitioners (BRPs) for Group Five and Group Five Construction on Monday confirmed that subsidiary companies of those entities would continue to operate as going concerns.
They did not fall directly into business rescue proceedings and also not Group Five’s international subsidiaries and holdings. The subsidiary companies comprise those in the Investments and Concessions and Manufacturing clusters. Nonetheless, the BRPs will be responsible for identifying the optimal way forward for all of these entities and investments. As announced on 22 March, the BRPs are currently assessing the status and viability of all ongoing projects and contracts. The BRPs further highlighted that they have confirmed with Group Five team leaders that, in the interim period, sites should not be demobilised until there has been engagement from Group Five representatives. Safety and stability on project sites remain a priority. In addition, the practitioners are in ongoing contact with the group’s lenders. In the interim, the BRPs said they would seek to maintain continuity for employees, but warned that, given the financial distress prevailing within Group Five and certain projects, as well as activities going forward, it might be necessary to implement further retrenchments.
- Read the full original report in the above regard at Engineering News
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