The airline was placed under voluntary business rescue in 2019 as it did not have working capital to fund its operations. Business Rescue Practitioner Les Matuson to appear before Parliament to update it about the future bailouts required for the cash-strapped entity.
The airline was placed under voluntary business rescue in 2019 as it did not have working capital to fund its operations. Public Enterprises Minister Pravin Gordhan announced that the entity would receive R4-billion, half of which would come from National Treasury and the other half from lenders. “The Business Rescue Practitioner remains obligated in terms of the Public Finance Management Act to report to Parliament, particularly if its plan to save SAA includes further bailouts from the taxpayer through Parliament. So it’s absolutely important that if Parliament is going to approve and make available extra funding for SAA then that Parliament must surely be kept abreast of what the plans are by the Business Rescue Practitioner to save SAA, if indeed those plans are viable,” says Les.
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Liquidation of SAA not 'current scenario', say business rescue practitionersWhile the struggling state-owned airline has not yet received an additional R2bn in funds from Treasury, its business rescue practitioners say liquidation is not yet on the cards. Fin24 Airlines are struggling globally Fin24 South Africa cannot liquidate something that belongs to China. Maybe change the name to Chinese African Airways. Make the planes red with yellow stars. Put a dragon on the wing.
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