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JOHANNESBURG, May 8 (Reuters) - South Africa's Phumelela Gaming and Leisure on Friday joined a slew of distressed firms to file for business rescue - a local form of bankruptcy protection - after a nationwide lockdown suspended activities in the horse racing industry.
Phumelela, of which former Steinhoff International CEO Markus Jooste was a director and among its largest shareholders, has not been able to stage race meetings since the end of March due to the lockdown.
This has hurt its revenue from racing and betting, the company said in statement.
"... the best option to ensure the long-term survival of the company and the sport of horse racing, is to implement a business rescue plan," Phumelela said.
South Africa's business rescue process, which aims to shield a business from the demands of its creditors while an independent advisor attempts to turn it around, borrows from U.S., British, Canadian and Australian law.