Liquidation ‘Day Zero’ for South African Post Office around the corner

The South African Post Office says time is almost up before cash runs out and liquidation becomes a likely outcome of its business rescue proceedings.

—the day when its cash reserves will run out and its business rescue practitioners may have to liquidate it.

The money was also used to pay salaries and benefits to workers who remained, as well as to cover for its operational shortfall. This would be used to pay off additional creditors and the balance of Section 189 retrenchment packages for over 4,000 workers who were let go, it said.If the group does not get the bailout it needs, it warned that liquidation may well be the final outcome.

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BusinessTechSA /  🏆 24. in ZA

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