Eclipse Networks, which was placed under judicial management at the end of last month, could have a rescue deal on the table as early as Monday.
The company closed its doors just before the Easter break, leaving almost 300 staff members without March salaries and their jobs hanging in the balance, while a rescuer was sought. Eclipse was placed under judicial management on 19 March by management as it could not afford to pay its creditors, who are believed to be owed about R50 million.
Dean Botha, a liquidator with Corporate Liquidators, has been seeking a rescue plan for Eclipse, and says a deal will be on the table at the beginning of next week.
One of the interested parties, which does not want to be named, is performing due diligence on the company today and, if happy with the figures, will submit an offer on Monday, says Botha.
Meanwhile, another white knight has offered to bail out 60% of the company's operations, which would involve taking over Eclipse's mid-market and corporate contracts, and the staff that serviced those deals.
Netsurit CFO Grenville Salmon says the company put in an offer for an undisclosed amount on Wednesday, but has yet to hear from the judicial managers. He believes the company is waiting for the unnamed interested party to decide whether it wants to buyout Eclipse in its entirety.
Salmon adds Netsurit is prepared to move Eclipse's operations over immediately and, while it will not pay staff their March salaries, it will advance them loans that they can pay back once Eclipse is liquidated and staff are paid.
Management changes
CFO Johan Schuurman has been moved into a position to assist the judicial managers, says Botha. CEO Richard Rix and chief procurement officer Nico Meintjes have been relieved of their responsibilities.
Schuurman has been accused by some employees, in comments on ITWeb, of being a director of MB Technologies, and using his position to secure his own future to the detriment of other staff.
MB Technologies CEO Glenn Fullerton denies this, and says the company does not have a “suspicious” relationship with Schuurman. “I have never played a golf ball with him in my life,” says Fullerton.
Share
