Phumelela Gaming and Leisure Ltd

Phumelela Enters Business Rescue

Phumelela Gaming and Leisure (PGL) went into Business Rescue May 8, and a Post Commencement Finance ('PCF') deal has been agreed to with Mary Oppenheimer Daughters Pty Ltd ('MOD'), reported Sporting Post. One of the conditions of the deal outlined by MOD was that the PCF Board initiate Business Rescue. Charles Savage was appointed by MOD to act as an intermediary between the two entities. Previously facing bankruptcy (TDN, May 4), the injection of PCF will allow PGL to meet its financial obligations for the duration of the Business Rescue...

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South African Racecourse Owner Faces Bankruptcy

Phumelela Gaming and Leisure Ltd, which owns the majority of the racecourses in South Africa, is facing bankruptcy, Sporting Post reported on Monday. The company released its unaudited condensed consolidated interim financial results for the six months that ended on Jan. 31, 2020, and reported a loss of R115.1 million. Phumelela may now choose to file for voluntary liquidation. Racing was supposed to resume last Friday, May 1, but South Africa has continued its lockdown protocols due to the coronavirus. The G1 Horse Chestnut S., G1 South African Derby and...

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