The shutdown of Neoplan has been put on hold following government intervention to avoid the imminent collapse after they have received calls from government to offer it two months window to address the issues facing the firm.
Sources within the management of the firm, state officials are working with authorities of the now struggling auto company to continue to stay in business.
Workers of the company are owd many months in salary arrears.
Reports say the decision to shut down the firm follows the inability of the minority shareholder, the Fadoul Group, to continue funding the company all by itself, while the government which owned the majority shareholder contributed nothing to its operations.
In 2016, the company approached the government to help settle a debt of US$173,000 to gain an additional 20 per cent shares in the company but government did not release the shares to the company.
Source: mybrytfmonline
