JOHANNESBURG - The South African Post Office CEO believes the institution is on the way to becoming a sustainable organisation.
The Post Office is set to come out of business rescue three years after embarking on the process.
SA Post Office CEO, Fathima Gany, said, "In the South African concept, we use business rescue interchangeably with turnaround, recovery, and transformation."
Under business rescue, over 4,000 workers lost their jobs and 366 branches were closed.
READ: SA Post Office faces uncertain future
The Post Office is yet to make a profit after it posted a loss of R71-million in the latest financial year.
"When you look at business rescue in terms of what is defined as a statutory intervention, has it achieved what it is set out to achieve? I would say yes, because it took a business that was very distressed, one on the brink of liquidation, into being an organization that's now meeting its debts in the ordinary course of its business.
"So, are we out of the woods? The answer is no. We are in a recovery and a substantial milestone has been achieved in the sense that we're not a distressed organization anymore."