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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