Post Commencement Finance

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...