“We’ve been clear from the outset that for this business rescue to succeed, funding will be required.
“We’ve made significant progress exploring an expression of interest, and now the investor group needs to consider the legal complexities,” Richard Ferguson, one of the business rescue practitioners, said on Tuesday afternoon. Ferguson said the investor group can then make a binding offer, and can include sufficient information in the plan for the affected parties to make a considered decision.
Discussions with potential funders began earlier this month, and a non-binding expression of interest was received on June 21. The practitioners said they have since been progressing negotiations so that substantial information about the offer can be included in the plan.
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SAA business rescue practitioners 'faffing around' for six months: judgeSAA’s business rescue practitioners (BRPs) received harsh criticism from judge Dennis Davis for “faffing around” for six months during an appeal on Tuesday against a labour court ruling in May ordering them to halt planned retrenchments at the airline.
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