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South Africa’s Phumelela files for bankruptcy protection as COVID-19 bites

11th May 2020 10:39 am GMT

South African racecourse owner and betting operator Phumelela Gaming and Leisure is seeking to implement a business rescue plan to ensure the long-term survival of the company and horse racing in South Africa.

Phumelela said that it has experienced adverse economic and trading conditions for some time, which has been exacerbated by the nationwide lockdown resulting from the COVID-19 pandemic.

Last month the company revealed the extent of the impact of COVID-19 on its operations, warning that [...]

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