South Africa’s Real People granted extension of standstill agreement

By Caroline Salls

Pittsburgh, Aug. 22 – Real People Investment Holdings Ltd. completed a written procedure in connection with its outstanding SEK 260 million and NOK 135 million senior unsecured callable bonds, according to a news release.

Real People said the Nordic bondholders authorized their agent to consent to an extension of the last date of the company’s standstill period to Nov. 30 from Aug. 31 and approve an addendum to the standstill agreement that provides that an automatic termination of the standstill period is qualified by the requirement that the majority of standstill creditors also elects to terminate the standstill period.

As previously reported, Real People is experiencing financial difficulties.

The company said it entered the standstill agreement with the Nordic bondholders and its other senior creditors in order to facilitate a restructuring of its capital structure.

During the standstill period, the creditor parties may not take enforcement actions against the company.

Based in East London, South Africa, Real People provides financial services focusing on unsecured credit, affordable housing, assurance, educational products and cellular products for customers in South Africa, Uganda, Tanzania and Kenya.

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