The Acting Minister of Communications and Digital Technologies, Enoch Godongwana, has welcomed the decision of the High Court in Pretoria to place the South African Post Office under business rescue.
Sapo was placed under provisional liquidation in February due to its failure to pay rent and other liabilities. Godongwana has further noted the appointment of Anooshkumar Rooplal and Juanito Martin Damons as joint interim business rescue practitioners, subject to approval by the Registrar of Financial Services and ratification by the majority of SAPO’s creditors.
In a statement, Godongwana says: “This decision will give SAPO the much-needed time and space to restructure its affairs under supervision and implement the turnaround plan to fundamentally change its business model into a solvent and viable business with broad revenue streams that leads on modern services.”
“The challenge is on SAPO, the department and all stakeholders to live up to the commitments made in the application.”
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