Mr Tebogo Maoto was formally appointed as the Senior Business Rescue Practitioner (“BRP”) of Daybreak Foods on 22 May 2025, in terms of Section 129(3)(b) of the Act.
Mr Maoto has vast experience in the field of business rescue, turnarounds and corporate restructurings, both in South Africa as well as cross-border mandates. The business rescue proceedings of Daybreak Foods will focus on stabilising its ongoing operations, whilst the BRP assists with the development of a turnaround strategy and finding solutions to the funding shortfalls of Daybreak Foods.
Daybreak Foods was placed under voluntary business rescue on 20 May 2025, pursuant to a resolution filed by its Board in terms of Section 129(1) of the Companies Act 71 of 2008 (“the Act”).
Daybreak Foods’ interim chairperson, Dr Charlotte Nkuna, commented: “We welcome the appointment of the BRP as part of the collective effort, together with the Public Investment Corporation to rescue the Company and save approximately 2 800 jobs. We are confident that the business rescue proceedings will help Daybreak Foods to achieve a credible turnaround plan in the interest of all our stakeholders.”
In terms of Section 133 of the Act, Daybreak Foods is provided with a legal moratorium from any legal and/or enforcement actions being instituted against it, whilst the Company’s Board and the BRP prepares the necessary proposals to rescue the Company from its financial distress.
The Daybreak Foods Board, in conjunction with the PIC, in its capacity as the shareholder and creditor, will support the BRP to develop and implement a sustainable business rescue plan that will be aimed at addressing its short and long-term funding needs, but also ensure its future sustainability and profitability.
Further announcements will be made in due course as appropriate.
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