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Johannesburg - Senior unsecured debt holders of African Bank [JSE:ABL] namely wholesale depositors, bond holders, holders of physical or dematerialised debt instruments, wholesale bank deposits and any other classes of senior unsecured debt, will not receive payment of interest or principal for the duration of the curatorship.
"The rights of such senior unsecured debt holders, including for the avoidance of doubt interest accruals, will remain intact and the affected parties will be contacted as part of the discussions on the restructuring of Abil in due course," the bank's curator, Winterboer of PwC, announced on Thursday.
Retail depositors of Abil will, however, receive payment of interest and principal at contractual due dates, the bank's curator, Tom Winterboer of PwC, announced on Thursday.
"Trade creditors arising in the ordinary course of business prior to and during the curatorship will be settled as usual," he said in a statement.
Following on from the placing of African Bank Limited in curatorship with effect from 16:00 on Sunday August 10 2014, the statement served to clarify earlier statements made by the SA Reserve Bank (Sarb) and the company. .
"The rights of such senior unsecured debt holders, including for the avoidance of doubt interest accruals, will remain intact and the affected parties will be contacted as part of the discussions on the restructuring of Abil in due course," the bank's curator, Winterboer of PwC, announced on Thursday.
Retail depositors of Abil will, however, receive payment of interest and principal at contractual due dates, the bank's curator, Tom Winterboer of PwC, announced on Thursday.
"Trade creditors arising in the ordinary course of business prior to and during the curatorship will be settled as usual," he said in a statement.
Following on from the placing of African Bank Limited in curatorship with effect from 16:00 on Sunday August 10 2014, the statement served to clarify earlier statements made by the SA Reserve Bank (Sarb) and the company. .
