May 18, 2013

SA Roadlink ‘solvent’

Filed under: African News — Africa Business @ 10:55 am

Bus company SA Roadlink said it was solvent, despite reports that it faced liquidation if it does not repay a multi-million rand bank loan.

“SA Roadlink Passenger Services (Pty) Ltd is solvent and continuing with its daily business of providing coaches on the national roads, whilst serving public interests and looking after them on the road,” it said today in a statement.

Yesterday, The New Age newspaper reported the company owed FirstRand bank R6 million and could be liquidated by Tuesday.

The bank had reportedly applied for a liquidation order in the High Court in Johannesburg, 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 R1.08 million in 2011, and was R1.4m in arrears on the payments, excluding interest, by November 2012.

It also reportedly owed Scania SA, a bus manufacturing company, R1 million.

The newspaper reported the bank took the R6.8 million joint loan with a company called Satlog.

In a statement, SA Roadlink said the article was published without approaching it for comment or to provide accurate information which resulted in “a misleading and factually incorrect article”.

It said there were no overdue payments to Scania after they reached a mutually agreed settlement.

Spokesman Marnus Kruger said the two parties have met out of court and the settlement would be made an order in court on Tuesday.

“There isn’t going to be a liquidation application on Tuesday.”

The post SA Roadlink ‘solvent’ appeared first on City Press.

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