The following funding was approved by IDC's Special Credit Committee (17 September 2009) and Board of Directors (Board meeting 07/2009 on 29 September 2009): IDC follow its rights including those of the BEE SPV's to the extent of R213 million and retain the existing equity stakes of 29.8% and 12.8% for IDC and the BEE SPV's respectively. The total "fresh" injection of equity, in the form of ordinary (IDC) and preference shares (BEE SPV's), will thus amount to R213 million. Due to the proportional repayment of all lenders, IDC will receive a payment of around R28.5 million with the capital balance of the loan facility reduced to R42.7 million. Although it is proposed that some of the terms of the loan funding will be relaxed, the security position is improved as original capital security taken remains in place after the R450 million reduction in the total syndicated debt package. The current shareholder value of York is R721 million, which will increase to R1.1 billion after the partial debt repayment. 4.3.4. Factors that led to distress