The South African Post Office’s Business Rescue Practitioners have extended the business rescue plan to 30 November 2023.
The South African Post Office’s Business Rescue Practitioners believe there is a reasonable chance that the state-owned entity can be rescued.
“This is based on the allocated R2.4 billion funding from Treasury in the medium-term budget, the additional funding requirement of R3.8 billion to recapitalise the Sapo, the BRPs interventions and the ongoing support from all stakeholders, including Government, Employees, Trade Unions and Trade Suppliers as well as the Implementation of the restructuring plan.”
“Or, if that’s not possible, [in a manner that] results in a better return for the company’s creditors and shareholders that would otherwise have been obtained from the immediate liquidation of the company.”
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