First Tech applies for provisional liquidation
First Strut, which has been trading as First Tech Group, has applied for provisional liquidation of its subsidiaries after failing to secure further funding to pull the group through business rescue proceedings.
First Tech Group, which appointed business rescue practitioners Leslie Matuson and John Louw earlier this month, was unable to secure from its creditors the R60-million to R80-million required to fund the business rescue and stabilise the financially distressed firm.
Last week, the business rescue practitioners held a meeting to request that all secured creditors “step back” to allow them to raise the additional funding needed to apply a business rescue plan – a request that was rejected.
However, a weekly wage bill of R6-million was obtained by way of an ex gratia payment from certain undisclosed creditors.
The practitioners had concluded that “there is no reasonable prospect” of any of the companies being rescued and First Tech was now awaiting the High Court’s decision on provisional liquidation.
First Tech employs over 5 000 people across its subsidiaries. Last week, its newly acquired Cosira subsidiary went into provisional liquidation.
The group’s subsidiaries included Energotec; Energotec Engineering Services; Typro; Flint Construction; FT Construction; Gazelle Engineering; Gazelle Plastics; Hollyberry Props; Internatio; Noteworthy Trade; Ogatin; R&D Metal Works; FT Global Logistics; Rowan Tree; Serenade Trade and Invest; Speedroll Property Holdings; Thornbird Trade and Invest; Top Form; Wire Systems Technology; and Flexicon Piping Specialists.
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