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SAPO modernisation put on ice after not receiving R3.8bn bailout, say its business rescuers

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They also said to avoid 'day zero' - a scenario where the entity's coffers would be empty, adding that they need even just R1 billion to stay afloat.

CAPE TOWN - The South African Post Office business rescue team says investing in the modernisation of the entity is on hold because it hasn't received a R3.8 billion bailout.

The department and the business rescue practitioners briefed Parliament on Tuesday, on the cash-strapped entity and whether it would survive beyond October. But business rescue practitioner Anoosh Rooplal said they still need a cash injection to stay afloat.

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SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Government has promised to allocate R3.8 billion to fully implement the business rescue plan at SAPO
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