Creditors’ committee slams Optimum’s BRPs
Creditors feel sidelined by Optimum’s business rescue practitioners, who they accuse of exclusively engaging with the mine’s two biggest creditors, Eskom and Centaur, while combined, they eclipse the debts owed.
The creditors formally established a committee in order to bulldoze their way into all negotiations with the sale of Optimum and Koornfontein mines.
Up to now, creditors were reluctant to come out publicly. But, after a year of unsuccessful business rescue, it’s clear that the silent approach plays into the hands of business rescue practitioners, who they claim are stalling the unwinding process.
Creditor Committee Chairman Mr Ian Visser told the Middelburg Observer that Eskom categorically denies stalling the bidding process as alluded to buy business rescue practitioners.
Likewise, the committee says Eskom’s penalty claims against Optimum for supplying substandard coal, is unrealistic and untenable, while Centaur is claiming 100 cents per rand for debts owed. The committee says that Eskom has no workers at the mines and is a growing concern, with bailouts from the government and the taxpaying society.
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The committee agrees with Centaur that Eskom’s inflated claim places both parties’ 100 cents to the rand affirmation in jeopardy.
“We represent thousands of affected workers, contractors and sub-contractors, why are the BRPs only seeking to protect certain interests, while our businesses go bankrupt?” Mr Visser asks, adding that the ongoing delay in payments has resulted in public unrest and one suicide that he is aware of.
Business rescue practitioner Richard Knoop and a legal representative were present at Friday’s meeting, where creditors demanded to be included in all future negotiations.
The committee petitioned the BRPs through their legal representation to be included in Wednesday’s meeting between the BRPs, Eskom and Centaur.
The request was denied and instead, a meeting was scheduled with the committee for Friday.
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According to the committee, they will go to court if they must, to demand inclusion, which the BRPs can ill afford since they’ve been embroiled in more than 40 court cases, many of which were aimed at removing them.
BRPs were supposed to have tabled a business plan by Friday, which also didn’t happen. “The longer they stay on, the more money they pocket,” Mr Visser objects.
He says that without the inclusion of the creditors’ committee the impasse will continue.
Mr Knoop says as BRPs they have nothing to hide, and it remains their prerogative who to include and exclude from certain meetings.
He says BRPs will meet with the committee regularly to discuss progress and that their fear that they are being excluded in order to hide certain facts from them, is unfounded.
Mr Visser says they won’t fall for any more bullying tactics and fight for inclusion since their members’ interests have been sidestepped for too long.
