The SAA business rescue proceedings have hit a snag that will further delay its conclusion as a crucial creditors’ meeting – aimed at voting for a plan to restructure the troubled airline – has been postponed to July.
This is another twist in the serially delayed SAA rescue proceedings, which have been ongoing for nearly seven months. According to the Companies Act, which provides for business rescue proceedings in SA, such proceedings should ideally last for three months. “Unfortunately, we cannot support the business rescue plan in its current form… It has little chance of launching a new SAA and appears to target labour, which is the worst affected due to the loss of jobs,” said a representative of the three unions at the creditors’ meeting.The postponement of the creditors’ meeting to 14 July was voted in favour by 69% of SAA creditors.
Crucially, the next creditors’ meeting is one day before a deadline set by Dongwana and Matuson for the government to indicate whether it will provide further funding to SAA. By 15 July, Dongwana and Matuson want a letter from the Department of Public Enterprises, concurred by the National Treasury, indicating that it will fund SAA’s funding requirements proposed by the rescue plan.
ایران آخرین اخبار, ایران سرفصلها
Similar News:همچنین می توانید اخبار مشابهی را که از منابع خبری دیگر جمع آوری کرده ایم، بخوانید.
منبع: City_Press - 🏆 7. / 72 ادامه مطلب »
'SAA business rescue the best plan for everyone'The department of public enterprises has urged creditors, employees and other stakeholders of SAA to vote in support of a business rescue plan for the airline.
منبع: SowetanLIVE - 🏆 13. / 63 ادامه مطلب »
منبع: eNCA - 🏆 49. / 51 ادامه مطلب »
Crucial vote over SAA business rescue plan postponed for three weeksThis is after separate proposals calling for an adjournment by creditors and unions were successful on Thursday.
منبع: SowetanLIVE - 🏆 13. / 63 ادامه مطلب »