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Article: SA Roadlink faces liquidation
- Thread starter rpm
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The bus company, SA Roadlink, faces liquidation if it does not repay a multi-million rand FirstRand Bank loan, The New Age reported on Friday.
The company owed the bank R6 million and could be liquidated by Tuesday, the newspaper reported.
The company owed the bank R6 million and could be liquidated by Tuesday, the newspaper reported.
LazyLion
King of de Jungle
Roadlink reaches settlement
SA Roadlink has reached a settlement with FirstRand Bank and will not be liquidated, The New Age reported on Monday.
"We do not deny that the bank did lodge the application, but we have sat down with them and agreed on a settlement which will be made an order by the court on Tuesday," SA Roadlink spokesman Marnus Kruger told the newspaper.
The New Age previously reported that the company owed the bank about R6 million.
The bank had reportedly applied for a liquidation order, claiming the bus company was in a "dire financial position and unable to pay its debts".
According to the newspaper, Roadlink bought five buses each worth R1.08m in 2011, and was R1.4m in arrears on the payments, excluding interest, by November 2012. It also reportedly owed R1m to the bus manufacturing company Scania SA.
Source : Sapa /aa/tk/clh
Date : 20 May 2013 09:05
SA Roadlink has reached a settlement with FirstRand Bank and will not be liquidated, The New Age reported on Monday.
"We do not deny that the bank did lodge the application, but we have sat down with them and agreed on a settlement which will be made an order by the court on Tuesday," SA Roadlink spokesman Marnus Kruger told the newspaper.
The New Age previously reported that the company owed the bank about R6 million.
The bank had reportedly applied for a liquidation order, claiming the bus company was in a "dire financial position and unable to pay its debts".
According to the newspaper, Roadlink bought five buses each worth R1.08m in 2011, and was R1.4m in arrears on the payments, excluding interest, by November 2012. It also reportedly owed R1m to the bus manufacturing company Scania SA.
Source : Sapa /aa/tk/clh
Date : 20 May 2013 09:05
labratza
Expert Member
and if you look on the news section of there site they say that it is not true
They don't have the best safety record, and Im sure that has had a direct impact on their sales. I think it's scary that a company that carts thousands of people across the country cannot afford to repay a 6 million rand loan. Not a wonder they skimp on maintenance costs.