The plan is now going to be adopted and implemented, after a six-month delay.
“The DPE [Department of Public Enterprises] believes that the favourable vote is a much better outcome for creditors and SAA employees than liquidation, and the government remains confident that the implementation of the business rescue plan will balance the rights and interests of all parties,” read the statement.Saunders was at the International Air Transport Association before joining SAA.
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86% of SAA creditors approve revised business rescue plan, new CEO appointedFollowing a creditors meeting held on Tuesday, 86% of South African Airway's creditors have voted in support of the revised business rescue plan. Phillip Saunders has been appointed the new interim CEO.
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BUSINESS MAVERICK OP-ED: SAA rescue plan reveals government’s tunnel visionWhat is the point of throwing everything at SAA when the rest of the air transport system and entire industries upon which SAA depends are collapsing?
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