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'SAA business rescue the best plan for everyone'

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The department, a shareholder of SAA, said this would result in a better return than a liquidation of the carrier.

The department said it believed 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 was maintained for the growth of the local aviation industry.

They included creditors receiving substantially less for debts owed to them by SAA and less severance benefits to retrenched employees, regardless of years of service.

 

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