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Jul 11, 2012

Sanyati business rescue plan delayed to July 18

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Construction|Engineering|Natal|R6|Road|Sanyati|Construction|Trevor Murgatroyd
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Construction group Sanyati has delayed the publication of a business rescue plan to July 18, after it applied for the liquidation of its construction business unit.

Sanyati, which remains under business rescue proceedings for the time being, originally planned to publish a business rescue plan on Wednesday.

But the company announced on Tuesday that Sanyati Civil Engineering and Construction (SCE&C), which is owed more than R70-million by government departments, would be liquidated, as the unit could no longer meet its critical payment commitments.

SCE&C did work for the Free State and Limpopo governments, as well as various local governments in Kwazulu-Natal and other provinces. The Free State government owes Sanyati R43-million for work on the road between Harrismith and Oliviershoek. Other outstanding payments include R30-million from three separate local government matters in KwaZulu-Natal and R6-million from Limpopo.

Trevor Murgatroyd was appointed as rescue practitioner.

Edited by: Creamer Media Reporter
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