Public enterprises dept calls on creditors to support SAA rescue plan

SAA’s business rescue practitioners are set to meet the creditors on Thursday, to vote on the airline’s rescue plan.

“As the shareholder on behalf of government, the DPE believes the approval of the business rescue plan would help creditors and employees to be co-creators of a new airline and ensure a strong base is maintained for the growth of the local aviation industry,” the department said. “Should creditors vote not to support the business rescue plan, SAA would face liquidation and they would receive substantially less for debts owed to them.

“For the DPE, the finalisation of the business rescue plan and the emergence of the new airline would allow unions and other key stakeholders, who have deep knowledge of the sector, to be co-creators of a new airline as well as coming up with novel ways of addressing the interest of the displaced workers.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

AIRLINE WOES: SA Airlink wants to sink SAA business rescue proceedingsPrivately-owned airlines are strongly against a final business rescue plan to restructure state-owned SAA and recapitalise it through taxpayer-funded bailouts. FlySafair is unhappy and SA Airlink has approached the High Court to urgently block a pending meeting with SAA creditors to approve the final business rescue plan, and to place the airline under provisional liquidation.
Source: dailymaverick - 🏆 3. / 84 Read more »

Unions slam the R30bn rescue plan for SAA | CitypressGovernment cannot use more than R30 billion in taxpayer funds to keep SAA alive, especially when the rest of the domestic aviation industry is in dire need of assistance to recover from the effects of the Covid-19 coronavirus-enforced lockdown.
Source: City_Press - 🏆 7. / 72 Read more »