Winding up The New Age

A LAWYER acting for the former Gupta-owned The New Age – Afro Voice – newspaper have confirmed it is under liquidation.

Last year, Mzwanele Manyi bought The New Age (TNA) Media and ANN7 from the Gupta-owned firm Oakbay.

The R450 million deal was sponsored by Oakbay through a vendor financing agreement.

Manyi’s lawyer Richard Ross confirmed that the company had indeed filed for liquidation, and the matter would be heard on July 24.

“There will be nothing happening with the news channel, it will continue to operate normally. The New Age, in other words Afro Voice, the newspaper, is being liquidated,” said Ross.

Manyi said the insolvency stemmed from a decline in government and commercial advertising, the indefinite suspension of the TNA business briefings and operational costs.

He said Afro Voice “is no longer in a position to financially sustain its business operations”.

When contacted for comment, Manyi said the matter was now beyond his control and in the hands of the courts.

Ross said they had already notified all interested parties, creditors and employees of the liquidation application.

“We are now in court on the 24th, if the court is happy that the company is commercially insolvent, we will get an interim court order.

“We will have to advertise for a month in a newspaper in the relevant jurisdiction where the company is situated.

“After then we will visit the court to get a final liquidation order,” said Ross.

He said the process could be delayed if staff or creditors decide to oppose the application. At least 350 employees facing unemployment were placed on special leave and would receive payment for this month.