SAPO modernisation put on ice after not receiving R3.8bn bailout, say its business rescuers

CAPE TOWN – The South African Post Office (SAPO) business rescue team says investing in the modernisation of the entity is on hold because it hasn’t received a R3.8 billion bailout.
They also said to avoid “day zero” – a scenario where the entity’s coffers would be empty, adding that they need even just R1 billion to stay afloat.
The department and the business rescue practitioners briefed Parliament on Tuesday, on the cash-strapped entity and whether it would survive beyond October.
The SAPO’s business rescue practitioners told Parliament that they had made some improvements, such as…