News24 reports that state-owned chicken producer Daybreak Foods has confirmed the appointment of a business rescue practitioner (BRP), with the crisis-hit company aiming to save 2,800 jobs and provide a turnaround plan to save itself from financial ruin.
In a statement on Monday, Daybreak said that it had appointed Tebogo Maoto as BRP. He will work with the Daybreak Foods board to draw up a rescue plan, which will then be subject to a vote by Daybreak’s creditors. The Public Investment Corporation (PIC), in its capacity as Daybreak shareholder and creditor, said it supported the decision to place the company in business rescue. The PIC manages the investments of the Government Employees’ Pension Fund, the Compensation Fund, and the Unemployment Insurance Fund, each of which owns a third of the chicken producer. Meanwhile, the appointment of Maoto comes after the Gauteng High Court handed down a final order ordering Daybreak to stop the inhumane culling of chickens and provide adequate chicken feed so that the birds could be humanely processed. The ruling follows a previous interim order earlier this month. In a statement, the National Council of SPCAs (NSPCA) welcomed the ruling.
- Read the full original of the report in the above regard by Na'ilah Ebrahim at News24 (subscription / trial registration required)
- Read too, Gauteng High Court orders Daybreak Foods to cease inhumane culling practices, at IOL News
Get other news reports at the SA Labour News home page