Plans to salvage the Elan Group’s long proposed Blythedale Coastal Resort are afoot.

A creditors meeting was held on Tuesday at the Riveride Hotel in Durban North to let those with a vested interest in the company in on what will happen next.

Blythedale Coastal Resort (BCR) recently appointed business rescue practitioner Ken Stewart to save the company from liquidation.

Creditors at the meeting were asked to vote on two matters, namely whether to form a creditors committee and whether to allow Stewart an extension from December 23 to January 31 next year, to publish the business rescue plan.

The votes were tallied at the meeting and it was decided that the deadline extension would be granted, and that a creditors committee consisting of creditors Andre Liebenberg, Gary Visser and John Lister would assist in the production of the business plan.

“I believe the company can be rescued,” said Stewart, “but I will not and cannot speak for the community.”

This comes after the Zwelabantu Dube Community Property Association, which is a 20 % stakeholder in BCR, and have rights to the land on which the development was to take place, decided they wanted to cancel the whole deal, which brought all development to a stand-still (‘Blythedale land claim agreement sours’, Courier April 27, 2012).