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The directors of EH Walton packaging in Port Elizabeth say they've put firm strategies in place to save the company and have it up and running again within two weeks.
EH Walton employs 450 people across the country and was founded in Port Elizabeth in 1845.
Managing Director Alan Clarke says they had no choice but to send staff home last week when First National Bank called in their multi-million rand overdraft facility.
He stressed, however, that EH Walton had not been served with liquidation papers and would contest any such order.
Clarke said part of their strategy was to convince FNB to release funds back into the company so that it can start operating again.
"We do believe that we can actually convince them to start releasing some of the funds that are not due to them so that we can get some of that funding back into the company so this process is on the go at the moment and we are rushing through it quite furiously in the hope to be trading in the next two weeks." Clarke said.
