SAA has been handed back to its board and executives after business rescue practitioners announced on Friday it had ended the business rescue process.SAA was put into business rescue in 2019 and Parliament had two months ago asked the BRPs about details in exiting the process.
“The business rescue plan was voted for and approved by creditors on 24 July, 2020, with a R10.3bn funding required for its implementation. To date, R7.8bn has been received from government for the implementation of the plan.
Leaving behind a trail of destruction. Unpaid employees which they refuse to retrench fairly. Unpaid creditors & clients (tickets). Only 5 aircraft. Same useless management, CEO &board with no aviation experience. A pre Covid plan which was pointless to begin with. SAA is done
So what was the final invoice issued by the practitioners? Will we now see them off to an early retirement?
Don't care will never fly SAA again
So many bitcon traders on Twitter are trickster GRACRUSSEL thank you for opening my eyes to their ways now I’m pretty sure I’ll be able to help others
I don't think it rescued shit it got paid millions realised it can't flog a dead horse and decided to bail
Back to the wolves
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SAA business rescue finally overHowever, the airline still needs new working capital and R3.5bn to complete the rescue plan Mxm
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