Progress Milling business rescue plan developed

A business rescue plan developed for Progress Milling was communicated to creditors yesterday (Wednesday) morning.
This follows after the company A M Alberts (Pty) Ltd trading as Progress Milling, was placed under business rescue on 11 April. Mark Poole and Sipho Eric Sono were appointed as joint business rescue practitioners by the Companies and Intellectual Property Commission on 18 March. Poole and Sono engaged Jacobs Capital (Pty) Ltd as turn-around specialists to assist and add value to the plan.
In a communiqué to all creditors, Poole informed that during a business rescue process the business rescue practitioners have to develop and implement a plan of rescue of the company by restructuring its affairs which result in either the company continuing to exist on a solvent basis or alternatively that such plan results in a better return for the creditors and shareholders of the company that would result in the immediate liquidation of the company.
At the time of going to print, the plan still had to be accessed and Amina Omar, Administrative Officer of Progress Milling confirmed that the date of the follow-up meeting with creditors was still to be confirmed.

Story: BARRY VILJOEN
>>barryv.observer@gmail.com

Photo: Die administrative headquarters of Progress Milling with its silos in the background.