Business Report writes that the Motor Industry Staff Association (Misa) has assigned its legal department to engage with the business rescue practitioners (BRPs) of AutoZone Holdings to ensure the protection of its 317 members, and their continued payment.
This after the Johannesburg High Court last week granted an order for Absa to seize AutoZone’s movable assets over its debt burden. AutoZone owes Absa R302m, which accumulated during a series of financial agreements and defaults. Misa said on Monday that although AutoZone did not inform it prior to filing its notice beginning business rescue proceedings, it was on high alert and would participate in the process to protect the interest of its members and keep them informed of any developments. Martlé Keyter, Misa’s operations CEO, said that the union appreciated AutoZone taking the initiative to protect and secure the business to avoid job losses, while giving the assurance that in accordance with the business rescue proceedings outlined in the Companies Act, Misa’s members would continue to receive their salaries and any other payments they were entitled to. She advised further: “One of the union’s senior labour advisers has been assigned to engage with the business rescue practitioners. Misa is positive that no stone will be left unturned to attract potential investors. AutoZone is an established brand name.” In a meeting with creditors this month, the designated BRPs, Piers Marsden and Jenna Osborne, indicated that there was a reasonable prospect of rescuing AutoZone.
- Read the full original of the report in the above regard by Banele Ginindza at Business Report
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