Progress Milling waiting for court date

Creditors of Progress Milling will soon know whether its holding company A M Alberts (Pty) Ltd will be liquidated or subjected to business rescue.
Botha Pienaar, Financial Manager of Progress Milling confirmed yesterday (Wednesday) that the applicants are awaiting a court date on the urgent roll.
This follows after the consortium of three companies that filed the alternative Business Rescue Plan (BRP) for Progress Milling that was rejected on 20 June, decided to approach the court on an urgent basis to set aside the vote of a major creditor that is obstructing the acceptance of the BRP.
The BRP proposed that the business continues with its operations, all secured creditors are paid in full and that the remaining creditors receive between 18,7 and 35 cents in the Rand. The 6 000 storage maize farmers (small scale farmers) will receive 100% of their claims as at 31 May 2016. The jobs of all employees will also be guaranteed for 12 months. The non-core assets of Progress Milling will be disposed of and some may be acquired after a due diligence exercise, the consortium confirmed.

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

Featured photo: The retail outlet of Progress Milling in Polo­kwane.