Satellite manufacturer Sunspace accepts R55m ($5.4m) rescue deal which will see it absorbed by defence equipment firm Denel.

Sunspace, a spin-out of South Africa-based University of Stellenbosch, has accepted $5.4m as part of a rescue deal which will see the firm absorbed by state-owned defence manufacturer Denel. The company went into administration after it was unable to pay neither its creditors, nor its staff, who hadn’t been paid in two years. The rescue…

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