The South African Airways Business Rescue Practitioners and the airline’s creditors will on Friday hold an urgent meeting following government’s failed promise to provide the R10 billion bailout funding needed for the restructuring of SAA and the implementation of its business rescue plan.
“Accordingly, a meeting of creditors will be convened on September 18 at 11am to engage with affected persons on this issue and the proposed future of the company taking into account all relevant factors,” the statement reads. He said that the Department of Public Enterprises had made a formal application to National Treasury for the R10.4 billion required to bailout SAA. The funding has not materialised and more negotiations with the creditors are likely to take place tomorrow in order to buy time.
“This request will probably be motivated on the basis that negotiations with funders are at an advanced stage without divulging that the funders will yet again be taxpayers,” he said.
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BREAKING NEWS: Funding for SAA rescue fails to materialiseThe business rescue practitioners warned that if the funding were not received by September 17, they would have to call a meeting of creditors to review the business plan
Source: BDliveSA - 🏆 12. / 63 Read more »
BREAKING NEWS: Funding for SAA rescue fails to materialiseThe business rescue practitioners warned that if the funding were not received by September 17, they would have to call a meeting of creditors to review the business plan
Source: BDliveSA - 🏆 12. / 63 Read more »