RATIONALISATION
PetroSA board discussed business rescue before it was disbanded
Parent company CEF dissolves board of broke PetroSA as part of preparations to establish a new national petroleum company
28 May 2021 - 05:10
As crisis-struck PetroSA struggled to pay its debt and salaries, its board considered tossing it into bankruptcy protection or liquidation before being dissolved, Business Day has learnt.
In a memorandum circulated to employees this week, PetroSA CEO Pragasen Naidoo, confirmed that parent company the Central Energy Fund (CEF) resolved to dissolve the board effective on May 24 as part of preparations to pull together its subsidiaries to establish a new national petroleum company...
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