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NVESTORS and creditors who are owed almost R358 million from the failed Blythedale Coastal Resort (BCR) project will meet today (Wednesday) to vote on a proposed business rescue plan. The plan promises to repay in full and with interest most of the claims of ordinary investors who injected cash in return for sites. But the proposed plan leaves the “big name” brand ambassadors, mainly sports stars, out in the cold, suggesting their claims must be paid by the single biggest creditor eLan (now trading as Blue Coast Developments), the company behind
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>> Blythedale Coastal Resort rescue plan leaves big names in the cold
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what was to be a R10 billion project in KwaDukuza. While all professional service providers have agreed to discount their claims, at least two creditors who won plots as prizes in competitions are still refusing to settle for anything less than the R1 million they believe they are owed. Business rescue practitioner Ken Stewart warned in his report that if his plan was not adopted, he would place the company in liquidation. He said that after an expensive process that could take more than two years, the dividend could be as little as 63c in the rand or less if the liquidator took longer.
PHOTO: JYOTHI LALDAS
The little people from Buzz Montessori took to the streets on Friday morning with posters and placards chanting, “Pray for the children, pray for Gaza” in an attempt to draw awareness to the plight of children caught in the centre of the ongoing fighting between Pales tinian and Israeli forces. Motorist were urged to hoot in support.
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MANDENI MUNICIPALITY MUNICIPAL NOTICE
IDP REPRESENTATIVE FORUM MEETING
Notice is hereby given in terms of Chapter 4 of the Municipal Systems Act 32 of 2000, as amended, that the Mandeni Municipality will be holding its first IDP Representative Forum meeting, for the 2014/15 Financial Year, for the presentation of the 2015/2016 IDP, Budget and PMS Review Process Plan to the IDP Representative Forum members. All members of the Representative forum and interested stakeholders are invited to attend the meeting. Details of the meeting are as follows: DATE : 15 AUGUST 2014 VENUE : MANDENI MUNICIPAL HALL TIME : 10H00 Enquiries regarding the above IDP Representative Forum Meeting may be directed to: Manager IDP and Planning: Ms. P. Hlabangane or Communications Officer: Mr. Mduduzi Manzi during office hours, tel: (032) 4568200. E-mail: Phumzile.hlabangane@mandeni.gov.za or mduduzi.manzi@mandeni.gov.za MR L.H. MAPHOLOBA - MUNICIPAL MANAGER
PN 52/2014
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