Fri Feb 6, 2015 3:18am EST
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JOHANNESBURG Feb 6 (Reuters) - The business rescue plan for the furniture arm of failed South African lender Abil has realised a better cash position than had been earlier hoped, administrators said in a report.
The retailer with debts adding up to around 1.3 billion rand ($115 million) was forced into business rescue last year, which allows for temporary protection from creditors, as parent African Bank Investments (Abil) crumbled under bad debts.
"We are currently outperforming the forecast, in winding down the South African operation, resulting in a better cash position than was originally anticipated in the plan," Matuson Associates said in their latest report to creditors.
Ellerine said it expected a binding offer for the retailer's 80 stores outside South Africa in March. An unnamed buyer has made an indicative offer to take up the shops for 400 million rand ($35 million).
Ellerine, which had store brands such as Beares and Furniture City, has already let go of nearly 4,700 employees. Some of its leases have been taken up by retailers Shoprite and Pick n Pay.
($1 = 11.3137 rand) (Reporting by Helen Nyambura-Mwaura; Editing by James Macharia)
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