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.
This country it's bizarre
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Ireland Ireland Latest News, Ireland Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
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.
Source: News24 - 🏆 4. / 80 Read more »
SAA warns of flight cancellations and delayed salary payments - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.SAA might be forced to suspend some flights and delay salary payments if government doesn't come up with a plan soon to provide the R2 billion it promised the airline last month. Workers at SAA no longer have that pride of working at this failing national airliner as it was before. Jesus Take note TripAdvisor BBCAfrica news24 CNN SkyNews
Source: SABC News Online - 🏆 32. / 51 Read more »
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.
Source: News24 - 🏆 4. / 80 Read more »