Post Office business rescue puts 7,000 jobs on the line

The Post Office collapsed into the arms of business rescue practitioners on Monday, a form of bankruptcy protection, with a plan that puts 7,000 jobs on the line to save more than R1.3bn in annual salaries.

The Post Office joins a string of state-owned entities such as SAA, Mango and SA Express tumbling into business rescue — a court-ordered process that halts payments while turn- around specialists structure the business to save it before usually paying creditors a small percentage of what they are owed...

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Postbank stands to lose R3.5bn as Post Office pleads for business rescueFate of Post Office raises question over plan to be a fully fledged bank
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Post Office snatched out of liquidation and into business rescueThe North Gauteng High Court has ruled on the government’s application to take the struggling South African Post Office out of provisional liquidation.
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Post Office now the fourth SOE in business rescue | The CitizenThe business rescue starts immediately, according to an order of the High Court in Pretoria. Communications Minister Mondli Gungubele brought an urgent application on 30 May to place the Post Office in business rescue. SAPostOffice Read more here 👇
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Oil eases ahead of China, US data, but OPEC+ cuts support marketOil prices dipped in early Asian trade on Monday as investors tread cautiously ahead of fresh economic data from top consumers the United States and China this week, while expected crude supply cuts from Saudi Arabia and Russia supported the market.
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