CNA receives purchase offer to save it from liquidation
Black Mountain Investment Management, a Durban-based hedge fund cofounded by a former RMB staffer, has made an offer to buy CNA for R2m — whereby none of the creditors including suppliers, landlords, lenders and the SA Revenue Service, which are owed a collective R264m, would be repaid anything. But the offer, if accepted, would keep the business afloat and save jobs in a country grappling with record unemployment.