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Murray & Roberts secures R250m for South African operations amid business rescue

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The group, in an update to shareholders, said Monday that after the appointment of the business rescue practitioners and in anticipation of the Business Rescue Plan, capital markets had expressed strong support for the group and a R130m post-commencement finance commitment was received.
Murray & Roberts, a South African engineering and construction company, has secured R250 million in funding to support its South African operations as it navigates through business rescue. This financial injection comes from a consortium of local banks and is aimed at ensuring the company can continue its operations and meet its financial obligations during the restructuring process. The funding is part of a broader strategy to stabilize the company, which has been facing financial difficulties exacerbated by global economic challenges, project delays, and cost overruns. The business rescue practitioners are working to restructure the company's debt and operations to potentially return it to solvency, with the hope of preserving jobs and maintaining the company's significant role in South Africa's infrastructure development.

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[ https://www.msn.com/en-za/money/other/murray-roberts-secures-r250m-for-south-african-operations-amid-business-rescue/ar-AA1xwrim ]