Government to hand over control of SAA to restructuring specialist | IOL Business Report

JOHANNESBURG - The government will cede control of South African Airways to a restructuring specialist in a last-ditch attempt to save the cash-strapped business from collapse.

As part of a rescue plan started on Thursday, the government will hand the running of SAA to an as-yet unidentified specialist to make the sort of painful cuts that would be difficult for politicians to push through. SAA has been granted a R4 billion lifeline from the government and banks to launch the rescue plan, but that cash could only last for months, analysts say.

Don't fly SAA!!!!! Let it die!

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DA pleased SAA will be put into business rescue | IOL Business ReportPravin Gordhan said that the next best option for embattled the state-owned South African Airways is to be placed into business rescue. Of course they will be, it’s been their tune for over a decade akere Can it be that afriforum “convinced”Luthulihouse ? WHO is pleased?
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Business rescue will allow SAA to continue operating in orderly, safe manner - Gordhan | IOL Business ReportThe business rescue announced for cash-strapped national carrier SAA will allow it to continue operating in an orderly and safe manner. busrep
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Government to place ailing SAA under business rescueThe move potentially draws a line under the crisis — if a rescuer can be found.
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Government puts troubled SAA on business rescueGovernment has placed the embattled SAA on business rescue. In a media statement sent out on Wednesday, Cassius Lubisi, the secretariat of the cabinet, said SAA was placed on voluntary business rescue to prevent the cash-strapped airline from imploding. 'In this regard, SAA will have to urgently go into voluntary business rescue.
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