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Johannesburg - The Ellerine furniture arm of failed African Bank Investments has received an offer for its Africa business worth around R400m, its administrator said on Monday.
Leslie Matuson, one of the administrators in charge of Ellerine's business rescue, made the comment at a meeting of creditors.
Ellerine's creditors are voting on Monday on whether to back a "business rescue plan" - which would see the company wound down over the next few months - or to immediately liquidate it.
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Leslie Matuson, one of the administrators in charge of Ellerine's business rescue, made the comment at a meeting of creditors.
Ellerine's creditors are voting on Monday on whether to back a "business rescue plan" - which would see the company wound down over the next few months - or to immediately liquidate it.
Ellerine was forced into business rescue, which allows for temporary protection from creditors, after parent African Bank Investments cut its funding earlier this year.
African Bank was itself rescued by the SA Reserve Bank after being hit by waves of bad debt as its core market of low-income borrowers failed to repay their loans.
ALSO READ:Ellerine owes creditors R1.3bn
Retrenchments, closures planned for Ellerine
Ellerine applies for 'rescue'
