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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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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