SA Post Office's business rescue practitioners have applied to the Pretoria High Court to bring the organisation out of business rescue.
South African Post Office creditors received 12 cents in the rand, 355 branches were closed, and more than 4,300 employees lost their jobs in a business rescue process over two years that is now drawing to a close.
SAPO’s joint business rescue practitioners (BRPs) applied to the Pretoria High Court on June 12 for an order to end the business rescue and authorise the filing of a notice of substantial implementation of the adopted business rescue plan.
“This is a step to formally and successfully conclude SAPO’s business rescue process. We now await a court date to have the application heard and get an order to terminate the rescue proceedings,” the BRPs said in a statement on Wednesday. There remain 657 branches, including strategically retained sites to serve the rural communities.
“The business rescue process has stabilised SAPO’s balance sheet and significantly improved its operational position. The entity is paying its liabilities in the ordinary course of business,” said Joint BRPs Anoosh Rooplal and Juanito Damons.
