INSOL Small Practice Webinar
Construction in Distress - Experiences of a CEO

18 June 2020 1pm BST (GMT+1)

Moderator: Dr Eric Levenstein, Werksman Attorneys, South Africa
Mr Khathutshelo (K2) Mapasa, CEO, Basil Read

“It is not the beauty of a building you should look at; it is the construction of the foundation that will stand the test of time.”  - David Allan Coe

Dr Eric Levenstein interviewed Mr Khathutshelo (K2) Mapasa, CEO of South African construction firm Basil Read, which was placed into a business restructuring in 2018.

Mr Mapasa shared his views on the restructuring process, the challenges faced and the obstacles that needed to be overcome in the reorganisation of the company. K2 talked about his personal experiences in a construction work out where he had no choice but to work and engage with all relevant stakeholders. This required a balancing act where the interests of trade unions, employees, contractors, creditors and shareholders all had to be considered. 

In this context, K2 highlighted and explained to the attendees some key themes that he describes as follows: 

  • Race to the bottom
  • Lack of understanding of a restructuring process
  • Trying to play God
  • Involvement of restructuring / legal professionals
  • Importance of relationship building in a restructuring
Lessons learned and the practicalities of having to work in a company that is in distress were unpacked and considered.


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