TimesLIVE reports that the Public Investment Corporation (PIC), a major creditor and shareholder of Daybreak Foods, supports the Daybreak Foods board's decision to place the company in business rescue.
The PIC said on Monday it was of the firm belief that the company could be rescued and that business rescue was the best path to preserve the company's value and potential. About 3,000 jobs would be saved and returns realized for clients and their beneficiaries on their investment. The PIC pointed out that the successful application to place Daybreak in business rescue paved the way to appoint a business rescue practitioner who would assist Daybreak to assess the extent of disruption to operations and produce a credible turnaround strategy for the business. “The PIC has already undertaken several measures to contribute towards stabilising Daybreak Foods, which includes the injection of R74m in working capital that is intended to address the company’s immediate liquidity needs,” the state-owned investment manager indicated. Before the company was placed in business rescue, the PIC had reconstituted the board for Daybreak as part of interventions to stabilise governance and operations at the company.
- Read the full original of the report in the above regard by Ernest Mabuza at TimesLIVE
- Read too, PIC supports Daybreak Foods business rescue process, announces reconstituted board, at Engineering News
- En ook, OBK steun sakeredding vir sukkelende Daybreak, by Maroela Media
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