- Group Five's business rescuers say they have secured financing to finish some of the struggling company's ongoing projects.
- That is good news for the residents of eThekwini, Tshwane, and Nelspruit, and students at the University of Stellenbosch.
- These are the projects Group Five now intends to finish with project-specific funding, even as business rescue continues.
- For more stories, go to the Business Insider South Africa homepage.
Troubled construction company Group Five intends to complete crucial infrastructure projects for the cities of Tshwane and eThekwini, despite being in business rescue.
It should also finish a major addition to the campus of the University of Stellenbosch, a new court building in Nelspruit, and a school in the Western Cape Winelands.
In an update to affected parties this week, the business rescuers now running Group Five Construction said they had secured post-commencement financing from Group Five's lenders for eight specific projects, two of them related to office parks.
See also: Once proud construction company Group 5 says a fire sale of its assets is now the only option
These projects are now due to continue under the banner of Group Five, unlike other ongoing construction projects that have either been halted entirely or handed over to joint-venture partners – with likely delays and other trouble for those waiting for their completion.
If all goes according to plan – though the full business-rescue plan is due only at the end of June – no such fate will befall these projects, due to affect communities around the country:
- the N2 upgrade between Caledon and Riviersonderend in the Western Cape
- the new High Court in Nelspruit
- the Jan Mouton Learning Centre at the University of Stellenbosch
- an upgrade to a sea outfall pumping system that is part of the eThekwini Southern Waste Water Treatment system
- the PC Petersen Primary School in the Cape Winelands
- an upgrade to the City of Tshwane's Temba water purification plant.
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