Jul 11, 2012
Sanyati business rescue plan delayed to July 18Back
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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© Reuse this Comment Guidelines (150 word limit)
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