Vision, the lead secured lender to the troubled sugar giant, said it was committed to saving the company and jobs despite the business rescue process failing
In this financial year’s budget, Parliament did not allocate funding for the South African Post Office, which is waiting for a R3.8 billion tranche
The ‘old fashioned’ carrier is still struggling for passengers
The national carrier told parliament that a final draft external audit report is expected at the end of May this year
Mahendren Munsamy, accused of stealing R420 million from FNB and Sasol, allegedly also stole from Singh
The South African Canegrowers Association says the sugar industry is in crisis after Tongaat Hulett was put under business rescue
KwaZulu-Natal grower consortium wants to buy Tongaat Hulett operations
Next season is also under threat if sugar giant’s mills close
Departing from its core business, and having its fingers in too many pies, is what crippled Tongaat Hulett and ultimately left it open to massive fraud
Tongaat Hulett said it entered into business rescue due to its debt burden and that waiting for additional funding exacerbated the already dire situation
The beleaguered national carrier resumed flights between Johannesburg and Cape Town last September after exiting business rescue
Takatso consortium will now own 51% of the airline and the state 49%
The airline’s outstanding government guaranteed debt is R6.4-million and the treasury says there are no new guarantees to mitigate future risks to the fiscus
The minister addresses the future of the country’s state-owned entities and speculation they may be moved from his portfolio
After 18 months under administration, the loss-making airline has been cleared for takeoff
Mango’s spokesperson would not disclose the low-cost airline’s debt — which led to a brief suspension of flights — but described it as ‘huge’
Keeping the airline going is worth it for the jobs and related businesses that will be affected if it goes down
MPs express frustration at the shoddy work done by the dysfunctional, broke airline and its rescue practitioners, calling their no-show ‘unacceptable’
The hopes and dreams of many entrepreneurs have been dashed. We track some of the owners of SMMEs, who talk of losing everything they worked for
The cash-strapped national carrier is in the process of recouping its blocked funds from Zimbabwe, which could go towards financing the airline’s business rescue plan
Proposals for how to carve up ownership of the airline could mean that the government will no longer hog the whole pie
The state-owned airline owes R16.4-billion to lenders and needs an additional R10.1-billion to fund the business rescue plan
More than 3 000 employees out of 5 000 have accepted the packages. The state-owned airline, which went into business rescue, is likely to retain 1 000 workers
Unions and staff representatives have agreed to severance packages for about 2 700 employees who will lose their jobs.
Draft agreement document spells out that R1.5-billion will be needed to fund severance packages for 2 400 of the airline’s employees
Airline brought back from the brink as rescue practitioners and Gordhan agree to work on a rescue plan by the end of June
Independent retail analyst Syd Vianello says going under business rescue does not mean Edcon will be saved, “it simply gives business rescue practitioners a chance to work out how they can save the company”
During discussions between unions and business rescue practitioners and the government, it was decided that the national carrier would be closed and a new airline formed
The minister is also expected to announce talks with unions towards a new airline after the shut-down of the cash-strapped national carrier
Maintenance division is first SAA subsidiary to declare hardship to staff as travel ban effects grow at the state-owned airline
As SAA subsidiaries declare hardship to staff, business-rescue practitioners urge them to sign agreements to save severance payouts
Practitioners inform staff that the government’s rejection of R10-billion bailout last week almost guarantees that the prospect of rescue is now impossible