Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

BasilReadMoneyweb reports that the rescue of listed group Basil Read’s construction business has run into “significant challenges”, including the withdrawal of R40 million in post-commencement financing, lower than expected revenue, and slow progress in the sale of non-core assets.  

These challenges, together with others, might result in changes to the business rescue plan.  This was the message from the business practitioners (BRPs) in a third progress report in December.  Basil Read applied for voluntary business rescue for its construction business in June last year.  In August, creditors approved a business rescue plan.  The BRPs indicated that they have significantly reduced the company’s staff complement, which stood at 4,730 when it went into business rescue.  They did not quote numbers, other than to say that the headcount at Basil Read’s head office had been reduced from 98 to 17 and that all labour on onerous and cancelled contracts had been retrenched.  The BRPs stated that, while they still believed there was a reasonable prospect of rescuing the business, they might have to amend the business rescue plan.

  • Read Antoinette Slabbert’s report in the above regard in full at Moneyweb


Get other news reports at the SA Labour News home page