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Johannesburg - The furniture retailing arm of troubled South African lender African Bank Investments (Abil) [JSE:ABL] has applied for temporary protection from creditors.
Ellerine Furnishers said on Thursday in a regulatory filing it had applied for "voluntary business rescue" under South Africa's Companies Act.
African Bank, which shocked the market on Wednesday when it said it needed R8.5bn in new capital to shore up its balance sheet, acquired Ellerine in 2008.
Ellerine is the parent company of Ellerine Furnishers. Under South African law, business rescue provides temporary protection of a company's property from creditors.
Ellerine Furnishers said on Thursday in a regulatory filing it had applied for "voluntary business rescue" under South Africa's Companies Act.
African Bank, which shocked the market on Wednesday when it said it needed R8.5bn in new capital to shore up its balance sheet, acquired Ellerine in 2008.
Ellerine is the parent company of Ellerine Furnishers. Under South African law, business rescue provides temporary protection of a company's property from creditors.
