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1 minute read
28 May 2015
9:35 am

Debt-holders support African Bank restructuring proposal


The proposal to restructure the African Bank has gained the support of debt-holders.

FILE PICTURE: African Bank. (Photo by Gallo Images / Foto24 / Theana Breugem)

Tom Winterboer, appointed curator when the bank collapsed in August last year, announced on Thursday that the proposal, which entails the creation of a so-called “good bank” from the bad one, had been agreed in principal.

As part of the settlement offers, senior funders and subordinated funders will be required to agree to have no further claims against African Bank (other than the stub claims issued to them as part of the Good Bank Restructuring Proposal).