‘Good Bank’ gets support

Cape Town – African Bank has received the “overwhelming support” of creditors for its proposed restructuring, the bank said on Wednesday.

A statement from the mass market micro-lender that was put under curatorship in August last year said more than 95 percent of holders of debt, both senior and subordinated, were taking up the offer to exchange existing debt instruments for notes in the “Good Bank” to be created from the assets of the failed bank.

The statement said this was a significant milestone, but a number of conditions still needed to be fulfilled.