A South African Airways Airbus 330 is shown on the tarmac at OR Tambo International Airport in Johannesburg. Picture: 123RF/LEONARD ZHUKOVSKY
“The letter also articulates that the mechanisms and the timelines are yet to be finalised and it is for this reason that we believe that this provides us a third, and perhaps a more important option ... that the company will have the funding from government that will enable it to restructure its operations and will also enable it to implement the business rescue plan,” he told the meeting.
The absence of the necessary funding once again puts SAA in line for liquidation, a fate the government has tried hard to avoid. Dongwana said it was important for the business rescue practitioners to carefully consider the available options to the company and come to the creditors meeting with appropriate proposals on the way forward.
The National Union of Metalworkers of SA and the SA Cabin Crew Association said they had sent an official notice to the office of the presidency, the department of public enterprises, the Treasury and the office of the speaker of the National Assembly, informing them of their intention to legally challenge the liquidation of the ailing airlines.
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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 »