has been granted an extension to the deadline on when to publish its Business Rescue Plan. The extension was requested by the Business Rescue Practitioner, Les Matuson.
Earlier this month the government put SAA into business rescue – a form of bankruptcy protection where a specialist advisor takes control of a company to restructure it – after a strike exacerbated financial problems and left it at risk of going bust. “SAA leases most of the aircraft and accordingly in liquidation, there will be limited assets which can be realized for distribution to creditors,” the rescue specialists noted in their statement.While their decision is a vote of confidence in SAA – once Africa’s biggest airline and a former source of patriotic pride- its future remains unclear, as does how many jobs can be saved.
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Why are they constantly bailed out with tax money that could house and feed people - this is ridiculous
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