Investec to salvage sour loans

Investec to salvage sour loans

Investec has won a provisional liquidation order for about five Pinnacle Point Group (JSE:PNG) subsidiaries for which liquidators are expected to be appointed by the Master of the High Court by next week, lawyers for the specialist bank told Moneyweb.

Investec’s lawyer Leonard Katz from Edward Nathan Sonnenbergs (ENS) said the liquidation was granted by the Western Cape High Court. ENS said the properties under provisional liquidation are: Festival Bay Trading 55 Pty Ltd, Pinnacle Point Resorts Pty Ltd, Pinnacle Point Investment PTY Ltd, Clarence Golf and Trout Estate, Eagle Creek and Property Promotions and Management (PPM).

Investec is collectively owed close to R115m by Pinnacle Point subsidiaries. A source close to Pinnacle Point Group confirmed the provisional liquidation was granted on Thursday, but does not include PPM.

“The liquidators will immediately commence the investigations and they will try and start to find buyers for the assets,” Katz said.

Pinnacle Point Group is currently under a business rescue. But the underlying assets that have been placed under provisional liquidation are not part of it.

The business rescue practitioner, Mike Lane, said he would not comment on the provisional liquidation.

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Denny Crane

Denny Crane
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