The Public Investment Corporation (PIC) is in a frantic last-minute effort to secure R500 million in funding to prevent the collapse of struggling poultry producer Daybreak Foods, reported the Sunday Times. Without the cash injection by Friday, the company faces liquidation, putting 3,400 jobs at risk.
Failed Funding Plea
The PIC sought emergency funding from the Unemployment Insurance Fund (UIF) and the Compensation Fund (CF) but was unsuccessful, reported the newspaper.
A liquidation application, brought by creditors including Lakat Chicken, is set to be heard in the Pretoria High Court on Tuesday.
In a letter seen by the Sunday Times, PIC chief investment officer Kabelo Rikhotso warned: “[The] PIC was advised on May…
