Rea Vaya bus operator placed under business rescue
Rea Vaya bus operator PioTrans has confirmed to the publication that the company has been placed under business rescue.
One of its creditors attempted to seize part of the fleet due to outstanding debt earlier this year.
The creditor subsequently approached the high court in Johannesburg following alleged maladministration.
The court agreed that PioTrans be placed under business rescue.
With many commuters expected to return to using the bus rapid transit to get to and from work after the holiday, business rescue practitioner Mahier Tayob said PioTrans was aware of this and would ensure bus operations continued uninterrupted.
The company has been operating one of Johannesburg’s biggest bus lines since 2010 when the City of Johannesburg partnered with local taxi drivers to create a bus operating company.
Tayob said immediate steps were being taken to turn around the company’s finances.
“I have taken full control of the board and now I will process to invite claims. It doesn’t stop there. I am also obliged to investigate what brought PioTrans into this scenario.”
Earlier this year, commuters were left stranded on multiple occasions after Rea Vaya drivers down tools over not being paid their salaries.
-EWN
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