PIC supports Daybreak Foods business rescue process, announces reconstituted board
The Public Investment Corporation (PIC) says it supports the decision of the board of Daybreak Foods to place the company under business rescue.
“The PIC, a major creditor and shareholder of Daybreak Foods, is of the firm belief that the company can be rescued and must be rescued, and that business rescue is the best path to preserve the company's value and potential, saving about 3 000 jobs and, importantly, to realise returns for clients and their beneficiaries on their investment,” it says.
The successful application to place Daybreak under business rescue paves the way to appoint a business rescue practitioner (BRP), who will assist Daybreak to assess the extent of disruption to operations and produce a credible turnaround strategy for the business.
In this regard, the BRP will work closely with the Daybreak board of directors, the PIC points out.
The PIC says it has already undertaken several measures to contribute towards stabilising Daybreak Foods, which includes the injection of R74-million in working capital, that is intended to address the company’s immediate liquidity needs.
Prior to the company being placed in business rescue, the PIC notes that it had reconstituted the board of directors for Daybreak Foods as part of interventions to stabilise governance and operations at the company.
Members of the reconstituted Daybreak Foods board are interim chairperson Dr Cythnia Charlotte Nkuna; interim deputy chairperson Lehlohonolo Andrew Makenete; Tshokolo Petrus Nchocho ; Kgampi Jack Bapela ; Esethu Ayanda Dazana; Brian Luthuli Mavuka; and Martinus Philipus de Jonge.
“The Daybreak Foods board, together with the PIC, will fully cooperate with the BRP to implement a sustainable turnaround strategy and plan to stabilise the business and ensure its viability,” the PIC says.
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